UK customers warn they might not be able to pay staff after Silicon Valley Bank collapses.
An offer has been made for the UK arm of Silicon Valley Bank after it collapsed into administration, putting customer deposits at risk.
However, Rachel Reeves, Labour's shadow chancellor, urged the government to do more, warning UK start-ups needed to pay staff and maintain investor confidence. As a clearing bank, the Bank of London does not lend and holds all of its deposits with the Bank of England. Its boss Anthony Watson said: "Silicon Valley Bank cannot be allowed to fail given the vital community it serves.
"The cost of inaction here means that these firms could fail in the short-term and your technology growth ambitions will fail in the long-term." "This Monday, at least 200 firms employing tens of thousands of people will find they can't pay their staff or suppliers because the bank they had an account with has gone bust," the source said.
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