{"id":563002,"date":"2023-03-13T11:22:36","date_gmt":"2023-03-13T08:22:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/british-tech-sector-at-serious-risk-after-svb-collapse-govt\/"},"modified":"2023-03-13T11:22:36","modified_gmt":"2023-03-13T08:22:36","slug":"british-tech-sector-at-serious-risk-after-svb-collapse-govt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/british-tech-sector-at-serious-risk-after-svb-collapse-govt\/","title":{"rendered":"#British tech sector &#8216;at serious risk&#8217; after SVB collapse: govt"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bba71cb9e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bba71cb9e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/british-tech-sector-at-serious-risk-after-svb-collapse-govt\/#%E2%80%9CBritish_tech_sector_%E2%80%98at_serious_risk_after_SVB_collapse_govt%E2%80%9D\" >&#8220;British tech sector &#8216;at serious risk&#8217; after SVB collapse: govt&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CBritish_tech_sector_%E2%80%98at_serious_risk_after_SVB_collapse_govt%E2%80%9D\"><\/span>&#8220;British tech sector &#8216;at serious risk&#8217; after SVB collapse: govt&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<div class=\"article-gallery lightGallery\">\n<div data-thumb=\"https:\/\/scx1.b-cdn.net\/csz\/news\/tmb\/2023\/the-california-based-s.jpg\" data-src=\"https:\/\/scx2.b-cdn.net\/gfx\/news\/2023\/the-california-based-s.jpg\" data-sub-html=\"The California-based Silicon Valley bank was closed by US authorities on Friday.\">\n<figure class=\"article-img\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/scx1.b-cdn.net\/csz\/news\/800a\/2023\/the-california-based-s.jpg\" alt=\"The California-based Silicon Valley bank was closed by US authorities on Friday\" title=\"The California-based Silicon Valley bank was closed by US authorities on Friday.\" width=\"800\" height=\"530\"\/><figcaption class=\"text-darken text-low-up text-truncate-js text-truncate mt-3\">\n                The California-based Silicon Valley bank was closed by US authorities on Friday.<br \/>\n            <\/figcaption><\/figure>\n<\/div>\n<\/div>\n<p>Britain&#8217;s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and life <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/sciencee\/\" data-internallinksmanager029f6b8e52c=\"5\" title=\"Science\" target=\"_blank\" rel=\"noopener\">science<\/a>s sectors are at &#8220;serious risk&#8221; following the closure of the Silicon Valley Bank, Chancellor Jeremy Hunt warned on Sunday.<\/p>\n<p>The California-based SVB bank, which was closed by US authorities on Friday, manages the money of some of the UK&#8217;s most promising businesses, Hunt said.<\/p>\n<p>&#8220;There is a serious risk to our technology and life sciences sectors, many of whom bank with this bank,&#8221; Hunt said in an interview with British television channel Sky <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>.<\/p>\n<p>&#8220;Most people won&#8217;t have heard of the Silicon Valley Bank but it h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens to look after the money of some of our most promising and exciting businesses.&#8221;<\/p>\n<p>The bank is expected to reopen on Monday under a new name with the US deposit guarantee agency, the FDIC, taking control.<\/p>\n<p>Hunt said the governor of the Bank of England had made it &#8220;very clear&#8221; that there was no systemic risk to the UK&#8217;s financial system due to the SVB&#8217;s collapse.<\/p>\n<p>The government would bring forward plans &#8220;very soon&#8221; to ensure people are able to meet their cash flow requirements and pay staff.<\/p>\n<p>It would also put a longer term solution in place to minimize or completely avoid losses to British companies, he added.<\/p>\n<p>The British Treasury said Saturday that the problems of the failed SVB bank were &#8220;specific to the firm&#8221; and had no &#8220;implications for other banks operating in the UK&#8221;.<\/p>\n<p>The bank failed after its customers, mainly from the tech sector, made massive withdrawals, and after its latest attempt to raise new money proved unsuccessful.<\/p>\n<p>Little known to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public, SVB specialized in financing start-ups and had become the 16th-largest US bank by assets.<\/p>\n<p>Its demise is not only the largest bank failure since Washington Mutual in 2008, but also the second-largest retail bank failure in the US.<\/p>\n<p>The Bank of England said it intended to pursue insolvency with regards to the bank&#8217;s British subsidiary.<\/p>\n<p>&#8220;It was looking inevitable that the dramatic loss of confidence in SVB would also sweep its UK arm into insolvency,&#8221; said Susannah Streeter of financial firm Hargreaves Lansdown.<\/p>\n<p>&#8220;The run on the US bank spooked customers banking with the British subsidiary, despite protestations that it was ring-fenced from its parent,&#8221; she added.<\/p>\n<p>Sky News reported that the Bank of London, which launched just two years ago, is among those mulling a bid for SVB&#8217;s British arm.<\/p>\n<p class=\"article-main__note mt-4\">\n                                                \u00a9 2023 AFP<\/p>\n<p>                                        <!-- print only --><\/p>\n<div class=\"d-none d-print-block\">\n<p>                                                <strong>Citation<\/strong>:<br \/>\n                                                British tech sector &#8216;at serious risk&#8217; after SVB collapse: govt (2023, March 13)<br \/>\n                                                retrieved 13 March 2023<br \/>\n                                                from https:\/\/techxplore.com\/news\/2023-03-british-tech-sector-svb-collapse.html<\/p>\n<p>                                            This document is subject to copyright. 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Britain&#8217;s technology and life sciences sectors are at &#8220;serious risk&#8221; following the closure of the Silicon Valley Bank, Chancellor Jeremy Hunt warned on Sunday. The California-based SVB bank, which was closed by US&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/scx2.b-cdn.net\/gfx\/news\/2023\/the-california-based-s.jpg","fifu_image_alt":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-563002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sciencee"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563002"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563003"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}