A plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom, according to multiple reports on March 12. The emergency plan will include a cash lifeline to a number of businesses.
Prime Minister Rishi Sunak said the government is working “at pace” to deliver a plan in the coming hours that would secure “operational liquidity and cash-flow needs” for Silicon Valley Bank’s UK clients. In a statement published today, the U.K. Treasury stated:
“We will bring forward immediate plans to ensure the short-term operational and cash flow needs of Silicon Valley Bank UK customers are able to be met.”
The plan aims to “avoid or minimize damage to some of our most promising companies.” The chancellor’s update also
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