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Tuesday, March 28, 2023

Times: Business turned to UK Treasury amid chaos after SVB collapse

| Stepan YatskoUK Treasury Secretary Jeremy Hunt has been tasked with intervening to prevent bankruptcies in the tech sector in light of the “chaos” following the collapse of US bank Silicon Valley Bank (SVB). This is reported by the daily The Times.

Meanwhile, the Financial Times reports that more than 200 UK tech chiefs are calling on the government to act after the collapse of the SVB. The executives note that many organizations have been threatened because they did business with Silicon Valley Bank.

On Saturday March 11, Silicon Valley Bank was declared bankrupt. Overnight, SVB became the largest failed bank in a decade and a half since the 2008 crisis. saved the player.

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