addressed to Mr Jeremy Hunt, the British Chancellor of the Exchequer , calling for government intervention, a copy of the letter seen by Reuters shows.
“The recent news about SVB going into insolvency represents an existential threat to the UK tech sector,” the letter said. “This weekend the majority of us as tech founders are running numbers to see if we are potentially technically insolvent.” “Most businesses are operating on very fine margins in the current economy and the contagion from the initial insolvencies will be vast and impact the economy far beyond the tech sector,” the letter said.
Sky News had reported earlier on Saturday that a British clearing bank, the Bank of London, was considering a rescue bid for the UK arm of SVB. The Bank of England on Friday said it was seeking a court order to place SVB UK into an insolvency procedure after