UK to help tech firms after Silicon Valley Bank collapse
By Tom Espiner & Laura KuenssbergThe government says it is working "at pace" on a plan to prevent UK tech firms caught in the collapse of Silicon Valley Bank running out of cash.
That plan will mean companies can pay their staff, he said. "That's the big ask we've had in the last 24 hours." Asked whether the government would come up a solution by the time the markets open on Monday morning, Prime Minister Mr Sunak said: "The Treasury is working at pace."More than 200 bosses of UK tech companies signed a letter addressed to Mr Hunt on Saturday calling for government intervention.
Between 30% and 40% or UK start-ups employing up to 50,000 people could be affected by the collapse, the source added.
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