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UK finance minister, Bank of England working to minimise SVB fallout

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Britain's finance ministry and the Bank of England are working together to minimise the disruption that could stem from the UK arm of collapsed U.S. bank Silicon Valley Bank, the ministry said on Saturday.

Officials from both groups are working closely together, the finance ministry said in a statement, with talks scheduled for later on Saturday to discuss the issues faced by British tech companies affected by the collapse.

"The government recognises that tech sector companies are often not cashflow positive as they grow, and that they rely on cash on deposits to cover their day to day costs," the statement said. Britain's banking system remains strong and resilient, the finance ministry added, saying that the issues affecting Silicon Valley BankLatest Updates

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At the end of 2022, SVB had $175.4 billion in deposits.

When I see that headline, I hang onto my wallet that much tighter...

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