UK finance minister, Bank of England governor in touch over SVB collapse
Britain's finance minister has spoken to the governor of the Bank of England about the collapse of U.S. bank Silicon Valley Bank and there are talks with firms affected to discuss the situation, a finance ministry statement said.
Officials from the finance ministry and the Bank of England are working closely together, the statement said, adding that the junior finance minister will discuss the concerns of some affected tech firms with industry representatives later on Saturday.
"The government recognises that tech sector companies are often not cashflow positive as they grow, and that they rely on cash on deposits to cover their day to day costs," the statement said.
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