SVB News/News/ SVB: UK government working on a plan for companies affected The UK Treasury released a statement on Sunday morning By Sifted reporters 12 March 2023 \SVB News ‘It was pretty chaotic’: The roundtable that got the UK government to act on SVB By Steph Bailey 17 March 2023 SVB News/News/ SVB: UK government working on a plan for companies affected The UK Treasury released a statement on Sunday morning By Sifted reporters 12 March 2023 The UK government is working “at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK” following the Bank of England’s decision to put Silicon Valley Bank UK into insolvency, according to a statement released Sunday morning by the Treasury. “We will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met,” the statement read. The statement also said that the governor of the Bank of England, UK Prime Minister Rishi Sunak and the UK’s finance chief Jeremy Hunt have discussed a response this weekend. Silicon Valley Bank UK, a subsidiary of the US bank that failed on Friday, is the bank of choice for as much of half the UK’s startups and many of its VC funds, say investors. Many founders are concerned about making payroll or paying other expenses in the wake of the bank’s implosion. Sifted will be running a webinar next week with experts giving advice to founders on the SVB situation next week. Register interest here. Related Articles SVB UK: the latest on the startup bank’s collapse — and sale to HSBC By Sifted reporters Click here to read more Silicon Valley Bank turmoil: Confusion reigns among European VCs and startups By Eleanor Warnock and Amy Lewin Click here to read more VCs are ‘absolutely to blame’ for SVB chaos, says Seedcamp’s Reshma Sohoni By Sadia Nowshin Click here to read more SVB UK still funding loans after HSBC buyout, say sources By Tim Smith and Amy Lewin Click here to read more Most Read 1 \Startup Life UK government to reform ‘equity for visas’ residency application system 2 \Fintech Is Revolut really worth $33bn right now? 3 \Startup Life Techstars unexpectedly pulls out of Sweden mid-programme 4 \Deeptech The other funding gap: it’s not just unicorns that are leaving Europe 5 \Deeptech ‘There’s going to be a bloodbath’ — is generative AI a bubble?