UK Tech Firms Face ‘Serious Risk’ From Silicon Valley Bank Collapse, Chancellor Warns

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. Justin Sullivan/Getty Images

There is a “serious risk” to the UK’s technology and life sciences sectors from the collapse of the UK branch of the California-based Silicon Valley Bank, Chancellor Jeremy Hunt has warned.

U.S. federal banking regulators on March 10 assumed control of Silicon Valley Bank (SVB), a top lender for American tech and life sciences firms and start-ups.