Dozens of early-stage tech companies in the UK have warned the chancellor of “an existential threat” to the sector following the failure of Silicon Valley Bank in the US.
The Bank of England has said it is seeking a court order to place SVB UK into an insolvency procedure, after US regulators took over its parent company on Friday.
The Treasury and the Bank of England are trying to minimise the disruption that could stem from a collapse of the UK arm of the bank.
UK Tech Sector at Risk of ‘Existential Threat’ Following Silicon Valley Bank’s Collapse, Warns Report
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