Statement on Silicon Valley Bank rescue package

Steve Bates OBE, CEO of the BIA, said on the sale of the Silicon Valley Bank UK to HSBC announced by the Bank of England, in consultation with the Prudential Regulation Authority (PRA), HM Treasury (HMT) and the Financial Conduct Authority (FCA).

"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 – and a win for UK banking.

Now we have a major UK bank backing the UK life science industry.  This was the real “Match of the Day” this weekend.

HSBC has acquired some great new growing life science customers and kept the doors of some of the UK’s fastest-growing life science companies open.

The Chancellor can now make our week by doubling down on growth and supercharge our sector at the Budget on Wednesday."