UK Government Intervenes to Protect Tech Firms
The UK treasury is working to prevent harm to the country's promising tech companies after the SVB collapse. Problems for these firms could arise as early as Monday without government assistance. The government, including Prime Minister Rishi Sunak, Chancellor Jeremy Hunt, and Bank of England Governor Andrew Bailey, have been working to address the issue and come up with a solution.
SVB Collapse Dominates Headlines and Causes Concern
The recent collapse of SVB Financial, the largest bank failure since 2008, has dominated headlines and raised concern in the financial sector. The closure has had an impact overseas as well, affecting UK firms. While the UK's financial industry remains unscathed, some of the country's most promising tech and life science companies are at risk, according to Chancellor Jeremy Hunt.