Britain is implementing a plan to rescue start-ups and technology companies affected by the bankruptcy of Silicon Valley banks, several media reported on March 12. The contingency plan includes a core element of funding for multiple families.

Prime Minister Rich Sunak said the government has "followed the rules" and released a plan in the coming hours to ensure the "operational liquidity and cash flow requirements" of Silicon Valley Bank's UK customers. The British National Treasury announced on March 12:

"We will clearly put forward a timely plan to ensure that the operating cash flow requirements of Silicon Valley Bank's UK customers can be met in the short term."

The program is committed to "prevent or minimize the adverse impact on some of our most promising enterprises." The Chancellor of the Exchequer's latest development also mentioned that the government "treats this situation as a relatively high priority, and discussions between the Governor of the Bank of England, the President and the Chancellor of the Exchequer will take place on Sunday."

The Bank of England (BoE) suspended the SVB branch business process in the UK on March 10th, saying its projects in the UK were "limited" and did not have "important responsibilities" for the financial system.

According to the Bank of England, the bankruptcy liquidation process for financial institutions will represent a "maintenance limit" of up to 85000 pounds ($102288) to "qualified depositors" or up to 170000 pounds ($204577) in collaborative accounts as quickly as possible.

On March 11th, more than 200 founders of British technology companies and CEO signed a letter calling for government intervention. The letter to Jeremy Hunt, the chancellor of the exchequer, claims that many financial wealth management companies manage all their banking processes under SVB, so "unless precautions are taken, they will soon fail".

Silicon Valley Bank was shut down by California's financial regulator on March 10th after it announced that it had diligently raised $2.25 billion in assets to support its business process. The bank is one of the largest foreign banks, providing banking to more than 40,000 small and medium-sized enterprises and most venture capital firms that are password-friendly. According to a financial audit report by the ancient city of Baoshan, the total assets of Web3 venture capitalists in the bank exceeded $6 billion, including $2.85 billion by Decker Horowitz, $1.72 billion by Paradigm and $560 million by Pantera Capital.