“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
Spring budget: Back to work, childcare and post Brexit customs – what do we know so far? March 13, 2023 This Wednesday, Chancellor Jeremy Hunt will stand on the steps of No11 Downing Street – holding the famous Budget 2023 red box. Of his five predecessors, just Rishi Sunak was even in post long enough to reach this point. Political turmoil aside, his spring statement will also follow months of financial chaos, after economic shocks [...]
MI5 spies to help firms counter China tech threats, says Sunak March 13, 2023 China poses the biggest “state-based” threat to Britain’s economic security, prime minister Rishi Sunak has said, as MI5 spies are set to help firms counter tech threats. UK organisations and businesses will receive expert security advice from the new National Protective Security Authority within MI5 to help them counter risks from hackers. It comes as [...]
Sunak to challenge Biden over US green subsidy package at upcoming talks March 13, 2023 The UK and US will “work through” concerns about green subsidies, Rishi Sunak revealed ahead of talks with President Joe Biden.
Sunak says there’s ‘no chance’ of law change over Elgin Marbles as ex chancellor Osborne explores options March 13, 2023 Rishi Sunak has said there are “no plans” to change a law which blocks the Elgin Marbles from being given to Greece. The Prime Minister said the UK had “cared for” the sculptures in the British Museum for generations and they were “shared with the world” at the London site. Athens has long demanded the [...]
Silicon Valley Bank UK: What we know (and don’t know) on Monday morning March 13, 2023 Silicon Valley Bank UK was put into insolvency last night – with expectations that government would step in before Monday’s market open now looking more unlikely. The bank’s accounts are effectively frozen, meaning that firms will be unable to access their deposits – possibly leaving them unable to pay bills or salaries. SVB UK’s parent [...]
Octopus pledges €1bn to boost France’s green energy market with one million customer target March 13, 2023 Octopus has announced plans to further expand its investment strategy in France with a billion euro spending pledge.
Facing the failure of Silicon Valley Bank is an existential moment in tech firm financing March 13, 2023 As thousands of firms faced a cliff edge after the collapse of Silicon Valley Bank, Jeremy Hunt’s response is a test of how much they really cherish British start ups, writes Tommy Ricketts.
Rishi Sunak set to announce £5bn defence spending boost during AUKUS summit March 12, 2023 Prime minister Rishi Sunak is set to announce a £5bn boost to defence spending during a key summit on the US-UK-Australia nuclear submarine deal. Sunak flew to San Diego on Sunday to attend a trilateral meeting with US president Joe Biden and Australian prime minister Anthony Albanese. It’s hoped Albanese will announce Australia is purchasing [...]
‘Down to the wire’: Treasury and Bank scramble for Silicon Valley Bank UK package March 12, 2023 Treasury and Bank of England officials are locked in discussions over the future of Silicon Valley Bank’s (SVB) UK arm – with leading tech figures across London suggesting the bank’s collapse could be an extinction-level event for thousands of firms. The UK-owned subsidiary of Silicon Valley Bank was placed into insolvency earlier this evening, with [...]