Updated statement responding to developments following the collapse of Silicon Valley Bank

Responding to developments following the collapse of Silicon Valley Bank, BVCA Director General Michael Moore said:

“We’ve been working overnight with our members to collect data and demonstrate the implications of Silicon Valley Bank’s collapse. We welcome the Chancellor’s update that the government will announce support for businesses impacted. This is an urgent matter. Help is needed by tomorrow.

“The immediate implications for the tech and wider private capital ecosystem are far reaching. This is about many highly skilled jobs. Long term support will be required to protect the UK’s innovators, entrepreneurs and funders.

“We’ll continue to work closely with the government on a solution over the coming hours. At stake is a solution that secures the long-term future of the UK’s science and technology businesses and the wider ecosystem. Together they’re vital to creating the new British economy. The UK’s private capital industry is fully committed to their continued success.”

For more information on any of the above, please contact External Communications Manager, Karen Keany, [email protected] or the BVCA Press Office at [email protected].