British Finance Minister Jeremy Hunt said on Sunday that the British government is working on a financial plan to support technology companies affected by the virus. Silicon Valley bank collapse (SVB), which has a subsidiary in the European country.
In an interview with the BBC, Hunt recognized the ring as a “grave risk” for “promising” companies in the technology sector. “We want to find a way to minimize, or if possible, avoid all losses for these incredibly promising companies,” he stressed.
Hunt revealed that British Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey met over the weekend to look for a solution, but did not anticipate the details of the plan. On Friday, the 10th, the Bank of England placed subsidiary SVB into bankruptcy proceedings.
Hunt’s comments illustrate how the failure of the SVB, which was shut down by US regulators, has become an irritant on the other side of the Atlantic as well. According to a report in the Financial Times, London is trying to find a private buyer for the British division of the bank. Plumpage revealed that the Royal Group, an investment group based in Abu Dhabi, is a major shareholder.
