It seems to be a neat solution to a worrying few days for London’s vital tech industries. HSBC has bought the UK subsidiary of Silicon Valley Bank (SVB) following its collapse on Friday. SVB, which specialised in providing loans to technology firms, was closed down by US regulators last week in the most significant failure of a US bank since the global financial crisis.
The announcement of the deal is likely to come as a relief to the UK tech sector, as much as 30 per cent of which had accounts with SVB, according to internal Treasury estimates. London would have been particularly damaged by its collapse.
The impact would have been instantaneous. Many tech firms bank exclusively with SVB, and without intervention they would not have had access to enough cash to keep going for more than a few days.
While the Chancellor is clear there was no “systemic risk” to UK financial stability, the sector is vital for the future of the British economy. A successful weekend’s work by the Bank of England and Treasury.
Lesson of Linekergate
Match of the Day enjoyed a ratings boost on Saturday evening, though this was likely driven by a curiosity about what it might look like, rather than political posturing.
No one doubts that the BBC must remain impartial, accurate and fair. This is particularly important when discussing controversial or live political debates such as the Government’s refugee policy.
Of course, the issue becomes murkier on social media. Few could have thought that Gary Lineker, a freelance sports presenter, was speaking on behalf of the BBC when he tweeted about “language that is not dissimilar to that used by Germany in the 30s”. But Lineker’s choice of words was unwise. Using the rise of the Nazis to describe modern Britain was hyperbolic and bound to antagonise.
At the same time, the way in which this was handled by the BBC may go down as a textbook example of how not to do crisis comms. Clear social media guidelines should be in place and enforced even-handedly. Lineker is entitled to speak his mind on Twitter, and common sense has prevailed with him now restored to Match of the Day.
Ultimately, with the Illegal Migration Bill having its second reading in the Commons today, we ought to return to debating the substance of this important legislation.
Inflationary shopping
Few Office for National Statistics releases say more about our changing habits as a nation than what is included in the basket of goods used to calculate inflation.
Today, it is in with frozen berries — possibly because no one can access fresh fruit — and out with alcopops. A staple of house parties for a certain generation, few who consumed the sugary drinks at the time (or parents forced to clean up afterwards) will mourn their demise.
