More than 200 tech bosses wrote to Mr Hunt on the weekend warning that they face an "existential threat" as they would be unable to stay afloat and pay staff without intervention.
Warnings from the tech sector of mass company collapses without adequate intervention were expected to hit jittery financial markets hard on Monday morning. In a joint statement, the Treasury, Federal Reserve and Federal Deposit Insurance Corporation said they had shuttered New York-based Signature Bank, in a sign the crisis was not limited to SVB.īut regulators said depositors at SVB would have access to all of their money from Monday, adding that no costs would be borne by the taxpayer by the collapse of either bank. In a dramatic intervention late on Sunday night, US regulators shut down a second bank and stepped in to limit contagion to the wider economy. The Chancellor said earlier on Sunday that the Treasury was working to find a solution for clients of its UK branch that “minimises, or if we possibly can, avoids” losses to companies caught up in the chaos. The Prime Minister told reporters on a flight to the United States that there was “no systemic contagion risk” following the collapse of Silicon Valley Bank (SVB). Rishi Sunak and Jeremy Hunt have tried to allay fears of a new financial crisis after British startups were left on the brink from the largest bank collapse since 2008.
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