Chancellor Jeremy_Hunt has responded to the breaking news that HSBC has bought Silicon Valley Bank UK. Read more here: KayBurley 📺 Sky 501, Virgin 602, Freeview 233 and YouTube
JP Morgan, the American banking behemoth, and Britain's major high street banks had also been asked to examine a bid, while smaller peers including Oaknorth Bank and The Bank of London also submitted rescue offers on Sunday.
"The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and 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." "We are working at pace on a solution we will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff," Jeremy Hunt, the chancellor, told Sophy Ridge on Sunday.
In a letter seen by Sky News, founders including those from Adzuna, Curve and Thriva called on Mr Hunt to intervene.
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