The British government said it was working on a plan that would allow British technology companies to preserve their liquidity after the bankruptcy of the Silicon Valley bank.

In this regard, the British Treasury says: “We want to reduce the damage caused to some of our promising companies in the United Kingdom after the bankruptcy of the American bank.”

US agents shut down the bank in what is the biggest failure of a US bank since 2008.

The bank’s UK subsidiary will be filed for bankruptcy from Sunday evening.

Chancellor Jeremy Hunt says he worked alongside Prime Minister Rishi Sunak and Bank of England Governor Andrew Bailey late last night and all weekend to find a solution to the fallout from the UK’s Silicon Valley collapse.