Silicon Valley Bank UK is set to enter insolvency, following action taken by its parent company in the US. Speaking to CBS News, Ms Yellen ruled out a bailout, but said the government is 'concerned about depositors'.
Mr Hunt told Sky News' Sophy Ridge On Sunday programme:"The Bank of England has made it very clear there is no systemic risk to our financial system, so people should be reassured on that basis."It happens to look after the money of some of our most promising and exciting businesses.
"We are working at pace on a solution we will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff. "But obviously what we want to do is to find a longer-term solution that minimises or even avoids complete losses to some of our most promising companies."Mr 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.
Former Tory chancellor Lord Hammond said:"This is a very important dynamic sector and we don't want to see it suffer a massive own goal here."Meanwhile, US treasury secretary Janet Yellen said she was working closely with banking regulators to respond to the collapse and protect depositors, but a major bailout was not being considered.
She told CBS News:"Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out...and the reforms that have been put in place means we are not going to do that again.Subscribe to Sophy Ridge on Sunday on
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