The BBC has reported that the Silicon Valley Bank collapse has left over 200 UK firms unable to pay their staff. Moreover, the report states that the government is working to protect and stabilise the UK tech firms affected by the SVB collapse.

The country’s treasury has stated that it wants to “minimise the damage to some of our most promising companies in the UK” following last week's collapse. Additionally, the report noted that firms could start to experience problems by Monday morning if they are left without assistance.