UK Finance Ministry Rushes to Contain Fallout From SVB Bankruptcy

A property managment representative gestures while asking reporters to clear the entrance area to Silicon Valley Bank in Santa Clara, Calif.InternationalIndiaAfricaMOSCOW (Sputnik) – The UK finance ministry scrambled on Saturday to protect British tech start-up sector from the fallout of the US-based Silicon Valley Bank (SVB)’s implosion. “We are working with the Bank of England to ensure that Silicon Valley Bank UK’s failure is managed smoothly, and that any disruption is minimized,” a Treasury spokesperson was quoted as saying by a British TV Channel. US banking regulators shut the tech lender on Friday after a two-day run on the bank. It reportedly ranked as the 16th largest US bank at the end of 2022, with more than $200 billion in assets and $175 billion in deposits. EconomyHow Biden and the Fed Caused Silicon Valley Bank to Tank17:45 GMTDozens of UK tech companies that had been banking with SVB wrote to finance minister Jeremy Hunt on Saturday to request state intervention, warning they could become technically insolvent overnight if no action was taken.


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