The British finance minister has discussed with the Bank of England governor the collapse of the US bank Silicon Valley Bank and there are talks with affected companies to discuss the situation, the UK finance ministry said in a statement.
Ministry and Bank of England officials are working closely together, the statement said, adding that the junior finance minister will hold talks later on Saturday with industry representatives on the concerns of technology companies impacted by the SVB collapse.
“The government recognizes that companies in the technology sector often lack positive cash flow as they grow and rely on cash on deposits to cover their day-to-day costs,” according to the statement.
