Silicon Valley Bank

Debate between Greg Clark and Andrew Griffith

Monday 13th March 2023 Commons Chamber

[Greg Clark (Tunbridge Wells) (Con)]

I strongly welcome the decisive intervention that has been described, which has saved many UK tech businesses and jobs. Will my hon. Friend consider how the responsiveness of UK regulation, which was demonstrated overnight, combined with the strength of the City of London and our tech sector, provides an opportunity to attract more businesses to do their financing in the UK and means that they do not need to go overseas to get the financing that they require to start up and grow?

[Andrew Griffith]

My right hon. Friend, who does such good work for the science and technology community through his Committee, is absolutely right. The technology and life sciences sectors want our Government to be joined up and decisive, and to remove unnecessary regulations, while still operating in a high-quality regulated environment. We now have the opportunity to go a lot further—to deliver the Edinburgh reforms and to combine our aspirations to be a science superpower with the ferocious financing strength that we have here in the United Kingdom.