The UK finance minister has held discussions with the Bank of England governor about the collapse of US bank Silicon Valley Bank and there are talks with affected companies to discuss the situation, the UK finance ministry said in a statement.
Officials from the ministry and the Bank of England are working closely together, the statement said, adding that the finance minister will hold talks with industry representatives next Saturday on the concerns of tech companies hit by the SVB collapse.
“The government recognizes that technology companies often lack positive cash flows as they grow and rely on cash on deposits to cover day-to-day costs,” according to the statement.
Source: Terra
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