UK says it is working to minimise damage from collapse of Silicon Valley Bank

British finance minister Jeremy Hunt said on Sunday he was working on a plan to "avoid or minimise damage" from the disruption that could arise from a collapse of the UK arm of Silicon Valley Bank (SIVB.O).

"The government is treating this issue as a high priority," Hunt said. "The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met."