Silicon Valley Bank

Andrew Jones Excerpts

Monday 13th March 2023 Commons Chamber

[Andrew Griffith]

How this bank is run going forward is a matter for HSBC. However, HSBC is a prodigiously successful global institution that has bought SVB on the back of a desire to grow and support that sector, and it sees that this Government are firmly on the side of that sector. We see the aspiration and the opportunity now that we have taken back control from Brussels, and we are going to make an enormous success out of our tech and life sciences sectors; we are on their side.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

I welcome the Minister’s statement, and I congratulate him and all those who have worked to resolve this matter so quickly. The collapse of Silicon Valley Bank will have left its customers worried about managing their cashflows; obviously, cashflow problems cause the majority of businesses to fail. In his statement, he mentioned that customers would continue to have access to their deposits. Will that be seamless and continue right away, so that business continuity is safeguarded?

[Andrew Griffith]

I thank my hon. Friend and I again pay tribute to the hardworking officials from the Treasury and the regulators, and to my colleagues across Government, who pulled together rapidly to deliver this solution. There may be teething issues as the integration takes place, but having spoken to HSBC and the management of SVB UK, they are open for business today and serving their clients. That is the outcome that the Prime Minister and Chancellor were absolutely right to seek in time for this morning’s opening of business.