On Sunday, British finance minister Jeremy Hunt said he was working with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to “prevent or mitigate damage” from the Silicon Valley Bank debacle.
The digital startup-focused U.S. bank SVB Financial Group (SIVB.O) collapsed on Friday, the largest since the 2008 financial crisis.
According to Hunt, the bank’s failure might have a big effect on British technology companies, given the importance of the bank to certain of its customers.
Hunt told Sky News, “We’ve been working quickly through the night throughout the weekend. “We will present proposals very shortly to ensure that people can satisfy their cash flow obligations to pay their personnel,” the statement continued.
The search is for a “longer-term solution that minimizes, or even fully avoids, losses to some of our most promising enterprises,” according to Hunt.
