Bloomberg—EUK Prime Minister Rishi Sunak insists there is no risk of contagion for UK banks following the collapse of Silicon Valley Bank (SVB), as the government works “in full force” to find ways to curtail the country’s technology and life science industries
“We do not believe there is a risk of systemic transmissionSunak told reporters on a flight to the United States on Sunday. “We are working to recognize the anxieties and concerns that bank customers have and ensure that we can work to find solutions that ensure the operational liquidity and cash flow needs of society.”
Asked whether the Treasury would come up with a solution by the time the London markets open Monday morning, Sunak replied: “The treasury is working at a good pace.”
The prime minister told reporters that any talk of setting up a UK emergency fund to bail out bank customers was “speculation”..
Asked whether he was satisfied that Bank of England Governor Andrew Bailey was overseeing a healthy regulatory environment for UK banks, Sunak said “yes”.
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