The government is expected to announce support for companies after Silicon Valley Bank went bust.
UK tech firms are anxiously waiting to find out what government support they will get after the collapse of Silicon Valley Bank in the US.The Treasury says it is working to find a solution. An investment group has also offered to buy the bank's UK arm.have already been told their deposits will be fully protected by the US governmentSpeaking to reporters in San Diego on Sunday evening, Prime Minister Rishi Sunak said: "We will have something to say very shortly.
He said he had been working with the prime minister and Bank of England governor "through the weekend to come up with a solution", and the government would bring forward a plan in the "next few days".Silicon Valley Bank - which specialised in lending to technology companies - was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.The bank's UK subsidiary was put into insolvency on Sunday.
"What we need as an industry right now is for them to very rapidly give us a short-term plan on how we can access our money in those accounts," she told the BBC.US based Etsy, the online crafts marketplace, said had experienced a delay in issuing payments to some sellers related to the unexpected collapse of Silicon Valley Bank.
The letter, from Fintech Founders, said many financial technology firms did all of their banking with SVB "and will therefore go into receivership imminently unless preventative action is taken". Others including a Middle Eastern investment fund and the banks Barclays and Oaknorth are also said to be mulling offers.
On Sunday, the US government said people and businesses who had money deposited in Silicon Valley Bank would be able to access all their cash from Monday.What went wrong at Silicon Valley Bank?
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