UK is working on a support scheme for businesses affected by the SVB breach | comp

British Finance Minister Jeremy Hunt said on Sunday, the 12th, that the British government is working on a financial plan to support technology companies affected by the collapse of the Silicon Valley Bank (SVB), which has a branch 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 published by Financial Times London is trying to find a private buyer for the bank’s British division. Bloomberg revealed The Royal Group, an investment group based in Abu Dhabi, is one of the main interested parties.