Chancellor Jeremy Hunt has issued a warning that the UK’s technology and life sciences sectors face a “serious risk” due to the collapse of the UK branch of California-based Silicon Valley Bank. On 10 March, American regulators took control of the bank, which had previously been a top lender to technology and life sciences companies in the United States. Silicon Valley Bank UK is also set to enter insolvency, according to the Bank of England. The UK government has identified the risk to the “liquidity of the tech ecosystem” and has pledged to protect affected companies. Critics, however, have called for more information on such protection.
UK tech firms in danger due to Silicon Valley Bank collapse, warns chancellor.
