U.K. Prime Minister Rishi Sunak recognises ‘anxiety’ over Silicon Valley Bank collapse

The government is trying to limit the damage to British tech companies resulting from the chaos engulfing the U.K. arm of the lender, Mr. Sunak said

File photo of Britain’s Prime Minister Rishi Sunak. Mr. Sunak on March 12, 2023, said the government is working towards safeguarding customers in the aftermath of the Silicon Valley Bank collapse. | Photo Credit: Reuters

British Prime Minister Rishi Sunak said on March 12 he recognised the "anxiety" over the collapse of Silicon Valley Bank but his government was working to find a solution that will secure customers' liquidity and cashflow needs.

The government is trying to limit the damage to British tech companies resulting from the chaos engulfing the U.K. arm of the lender.

Mr. Sunak told journalists travelling to the United States that he understood "the anxiety and the concerns customers of the bank have" and that the government was "making sure we can work to find a solution that secures people's operational liquidity and cash-flow needs".

On March 10, 2023, U.S. banking regulators closed the SVB Financial Group, putting the tech-heavy lender into receivership, moving quickly to protect depositors as a crisis rippled through global markets and hit banking stocks.  

The sudden collapse of Silicon Valley Bank sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots.