On March 12, British Finance Minister Jeremy Hunt said he was working hard and discussing measures with Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey to "avoid or minimize damage" to the maximum extent, after the collapse of Silicon Valley Bank (SVB) led to the cessation of all SVB branches in the UK.
Mr. Jeremy Hunt. (Photo: Reuters)
“The Governor of the Bank of England has said there is no risk to our financial system. So people can rest assured about that. But there are serious risks to the technology sector and the life sciences sector. I have had a lot of discussions with the Chancellor, Rishi Sunak, the Governor of the Bank of England and many other experts. We are working urgently to find a solution. We will soon set out specific solutions in the short term, as well as finding a longer-term solution to help reduce or even avoid the damage to UK technology companies,” Mr Hunt said in a televised speech.
Previously, more than 250 leaders of British technology companies sent a letter to Mr. Jeremy Hunt calling on the government to intervene, emphasizing that SVB's bankruptcy would bring about existential threats to the country's technology industry.
On March 10, SVB - one of the largest banks in Silicon Valley and the 16th largest in the US - declared bankruptcy. This move caused the US stock market to plummet in the last trading session of the week and shook the global financial market.
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