Jeremy Hunt – 2023 Comments on Silicon Valley Bank UK

The comments made by Jeremy Hunt, the Chancellor of the Exchequer, on 13 March 2023.

The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.

Today the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK; this ensures customer deposits are protected and can bank as normal, with no taxpayer support. I am pleased we have reached a resolution in such short order.

HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them.