Given the importance of SVB to its customers, its collapse could have significant implications for some firms, according to Jeremy Hunt
The British Chancellor of the Exchequer Jeremy Hunt stated today that he himself is cooperating with the prime minister Rishi Sunakbut also with the governor of the Bank of England Andrew Bailey in order to “avoid or minimize the consequences” arising from the chaos surrounding the UK subsidiary of US bank Silicon Valley Bank (SVB).
“We’re working steadily over the weekend into the night,” Hunt told Sky News. “We will very soon be presenting plans to ensure that people are able to meet their cash flow needs and pay their staff.”
Hunt said efforts are focused on finding “a long-term solution that minimizes, or even avoids altogether, losses for some of our most promising companies.”
The dramatic collapse of the American bank SVB Financial Group, which had as its object the lending of new companies (startups) in the field of technology, was the biggest banking event since the financial crisis of 2008.
Given the importance of SVB to its customers, its collapse could have significant implications for some companies, Hunt said.
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