Rishi Sunak and Jeremy Hunt were locked in urgent talks with the Bank of England as the Chancellor admitted the collapse of Silicon Valley Bank poses a 'serious risk' to the UK's technology sector.
Coadec executive director Dom Hallas said on Saturday: "It is clear this could have a significant impact on the UK's tech start-up ecosystem."We know that there are a large number of start-ups and investors in the ecosystem who have significant exposure to SVBUK and will be very concerned.
"The Government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we 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," the statement said.
The Bank of England announced on Friday that Silicon Valley Bank UK was set to enter insolvency, following action taken by its parent company in the United States.
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