The govt deserves a lot of kudos for this. We narrowly averted disaster for many tech start ups that will hopefully one day power our economy. Given the circumstances this is the best possible outcome. Many founders are feeling very relieved this morning. Now back to building!
This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC
Deposits will be protected, with no taxpayer support
I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise