The clock is ticking, the British banks urgently need to bail out SVB

According to the newspaper, Barclays and Lloyds Banking Group are among the banks that the board of directors of SVB’s British division approached over the weekend in order to conclude an emergency acquisition agreement. British banks are said to have 24 hours to intervene, although Sky News says there is little realistic chance that any of them will intervene.

The tech scene, meanwhile, worries that without support, companies could be forced into liquidation overnight.

This is an urgent matter. Help is needed for tomorrow. Long-term support will be needed to protect British innovators, entrepreneurs and financiers

– said Michael Moore, director general of the British Private Equity and Venture Capital Association.

British Chancellor of the Exchequer Jeremy Hunt said on Sunday that they did not see a systemic risk to the UK financial system, but added that the case posed a serious risk to the technology sector. Hunt also said the UK would provide immediate support to businesses to pay staff and meet cash flow obligations.although he did not share details about those measures.

The Bank of England announced on Friday that it will declare SVB’s British unit insolvent. Meanwhile, the British subsidiary has already ceased trading and is no longer accepting new customers.

Losing deposits could cripple the industry and set the ecosystem back by 20 years

– said the heads of about 180 technology companies in an open letter addressed to Hunt.

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