Rishi Sunak is considering rescuing UK tech firms hit by the collapse of Silicon Valley Bank on Friday. The Prime Minister confirmed on Sunday that the Treasury is working out a plan to help businesses that have been battered after SVB was shut down. Companies holding accounts with the bank’s UK branch have warned of a “start up extinction event” which could cause thousands of redundancies over the coming days.
Jeremy Hunt said on Sunday he “will bring forward immediate plans to ensure the short-term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met.”
Sunak insisted the “contagion” risk is limited for the UK economy but confirmed the Treasury is “working at pace” to reassure depositors.
Speaking on his way to San Diego, California, Sunak said: “We have been working through over the weekend.
“We’re working to recognise the anxiety and the concerns customers of the bank have and making sure we can work to find a solution that secures people’s operational liquidity and cash-flow needs.
“And that’s what the Treasury is working on.”
The Prime Minister however refused to be drawn on the details as he dismissed as “speculation” suggestions of a UK emergency fund being launched to guarantee deposits.
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