Chancellor Jeremy Hunt warned that Britain's technology and life sciences sectors are at 'serious risk' following the closure of the Silicon Valley Bank.
The California-based Silicon Valley bank was closed by US authorities on FridayBritain's technology and life sciences sectors are at"serious risk" following the closure of the Silicon Valley Bank, Chancellor Jeremy Hunt warned on Sunday.
"Most people won't have heard of the Silicon Valley Bank but it happens to look after the money of some of our most promising and exciting businesses." The government would bring forward plans"very soon" to ensure people are able to meet their cash flow requirements and pay staff. The bank failed after its customers, mainly from the tech sector, made massive withdrawals, and after its latest attempt to raise new money proved unsuccessful.
The Bank of England said it intended to pursue insolvency with regards to the bank's British subsidiary.
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