HSBC has snapped up the British arm of Silicon Valley Bank for just £1 in a government and Bank of England-brokered private sale.

Deal marks the most significant such bailout since the 2008 financial crisis and follows late-night talks over the weekend after the collapse of Silicon Valley Bank’s US parent company, amid concerns about liquidity.

Chancellor of the Exchequer Jeremy Hunt insisted all deposits for hundreds of UK start-ups have been protected, but the move sparked markets turmoil. 

Insight on the emergency sale and impact on sector with Jesse Griffiths, chief executive of London’s Finance Innovation Lab.

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