Silicon Valley Bank

Debate between Matt Warman and Andrew Griffith

Monday 13th March 2023 Commons Chamber

[Andrew Griffith]

It is a core focus for the Government to ensure that our scaling-up businesses get access not just to credit, but to capital at every level through their life: the Prime Minister has made that a core priority. That is why we are bringing forward many reforms that will open up capital markets to growing businesses, and it is why we will continue to look at reforming packets of trapped capital, whether that be in respect of insurers, through the reform of solvency II, or through looking again at pension arrangements to make sure that savers and potential future pensioners can benefit from the wonderful opportunities from emerging businesses in the tech and life sciences sector.

[Matt Warman (Boston and Skegness) (Con)]

If SVB UK had not been bought, there would have been a huge impact on the most high-tech jobs in our economy, and indeed on the jobs of the future. I pay tribute to the Minister, the whole Government and the Bank of England for their work over the weekend. I also thank the Minister for engaging with me. Does he agree that because of the outsize impact that the failure of SVB might have had, it is all the more important that the Government look at what made SVB so appealing to these vital jobs and at how we do more of it where it is right and less if it is dangerous?

[Andrew Griffith]

I completely agree. My hon. Friend knows a great deal about the subject, which reflects his background; he is absolutely right.