UK tech firms are at "serious risk" following the collapse of Silicon Valley Bank UK, the British arm of a US lender to startups and technology firms.
The UK government has been in talks over the weekend to limit the fallout, working on plans to assist with the "cashflow requirements" of affected businesses.
Prime Minister Rishi Sunak, Chancellor Jeremy Hunt, and Governor of the Bank of England Andrew Bailey have been leading the discussions.
The UK government has been working on an emergency plan to aid tech firms affected by the collapse of Silicon Valley Bank UK. The bank's US parent company was closed down on Friday, in the largest bank failure since the financial crisis.
The government has been concerned about the impact the insolvency of Silicon Valley Bank UK will have on UK startups and tech companies.
Regulators have stressed there is no wider risk to the UK financial system, but Hunt said it was treating the potential ramifications as a "high priority".
The UK government aims to prevent the failure of Silicon Valley Bank UK from causing disruption to promising and exciting British businesses.