An update from Chancellor Jeremy Hunt on Silicon Valley Bank UK
The Bank of England announced on Friday that Silicon Valley Bank UK is set to enter insolvency, following action taken by its parent company in the United States. The Bank of England confirmed in its announcement that Silicon Valley Bank has a limited presence in the UK and does not perform functions critical to the financial system.
The government and the Bank understand the level of concern that this raises for customers of Silicon Valley Bank UK, and…
