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CEO Update | 13 March 2023
What a weekend. The strategic risk to our sector resulting from the run on Silicon Valley Bank (SVB) has been averted. HSBC has come in to buy SVB UK and we now have a major UK bank supporting our growing industry for the years ahead.
Thank you to all who have worked so hard to get us to this point, and for the engagement, insight and trust our members had in the BIA.
Without you sharing the size of the problem, I don’t think we could have made such a convincing case to the UK government for such a strategic intervention.
It’s been a rollercoaster and I’ll need some time to assimilate. I hope to write a fuller story on this in the weeks ahead.
See our initial statement on this matter, the statement from the HM Treasury and Bank of England and from HSBC.
Steve Bates OBE, CEO of BIA:
— BioIndustry Association (BIA) (@BIA_UK) March 13, 2023
"The UK life science sector wants to thank and congratulate the UK Government, the Bank of England and HSBC for listening and moving at pace to find a great solution to the SVB UK issue. This is a win for UK life sciences ➡️ https://t.co/PSHS18HET8
Media reports worth a look are below.
- HSBC swoops in to rescue UK arm of Silicon Valley Bank – BBC
- Government and Bank of England facilitate sale of Silicon Valley Bank UK - Gov.uk
- Statement on Silicon Valley Bank from the Bank of England
I’m sure many of you will never forget this weekend and how close to disaster we all sailed. Do share your thanks and tales of relief (and what you continue to do) with partners and stakeholders as we go forward.
Onward now to the Spring Budget on Wednesday, R&D tax credits and VPAS.
Steve Bates OBE
CEO, BioIndustry Association