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UK firms await government help after US bank collapse

UK tech firms are anxiously waiting to find out what government support they will get after the collapse of Silicon Valley Bank (SVB) in the US.

Some have told the BBC they could go bust if help does not come soon enough.

The Treasury says it is working to find a solution. An investment group has also offered to buy the bank's UK arm.

It comes as US customers have already been told their deposits will be fully protected by the US government, putting pressure on the UK government to act.

Speaking to reporters in San Diego on Sunday evening, Prime Minister Rishi Sunak said: "We will have something to say very shortly.

"But we will continue to support our world-beating technology sector and all the high-skilled jobs that it supports and also you should be reassured that our overall financial system is sound and there's nothing to worry about there."

Earlier, Chancellor Jeremy Hunt told the BBC there was no risk to the UK's financial system from the collapse of SVB, but "there is a serious risk to some of our most promising companies in technology and life sciences".

He said he had been working with the prime minister and Bank of England governor "through the weekend to come up with a solution", and the government would bring forward a plan in the "next few days".

Labour has criticised the government for not acting sooner.

Silicon Valley Bank - which specialised in lending to technology companies - was shut down by US regulators on Friday in what was the largest failure of a US bank since 2008.




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