UK government rightly wants Britain to be one of the world’s great tech ecosystems. First priority: ensuring that thousands of UK startups make payroll this month. No bailout for SVB shareholders, but if depositors can’t access funds, the startup ecosystem is decimated.

It seems pretty crazy to me that Silicon Valley Bank UK put out a statement emphasising that it was ring-fenced from its US parent $SIVB, complete with a reassuring quote from CEO Erin Platts, hours before it was deemed insolvent

🧵The collapse of Silicon Valley Bank UK will have obvious consequences for UK tech. The Chancellor will have to intervene in some way, especially as it’s budget week. But what should he do?

Silicon Valley Bank’s shareholders will and should lose everything. We need to ensure depositors have access to 100% of their deposits to enable staff and suppliers to be paid. Anything short of that plan by 9am Monday will be toxic for the science, tech and innovation ecosystem

Once the dust has settled, it will be clear this is a huge win for HSBC UK: already important players in tech, but now have a client list of many of the most exciting UK startups (all of whom are feeling very grateful this morning!) bankofengland.co.uk/news/2023/marc…

The Government deserves huge credit. From the very top, to HM Treasury who understood the challenge and gripped it, to the PRA, to the huge number of civil servants who have likely not slept since Friday. They have saved hundreds of the UK’s most innovative companies today.

Enormous respect and appreciation for HM Treasury and Bank of England teams this morning - and great relief felt by the UK tech sector - for their tireless weekend work to facilitate purchase of SVB by HSBC. This was an extinction risk weekend for a huge % of UK startups.

There’s relief for UK tech firms after HSBC agreed to buy the UK arm of Silicon Valley Bank. The US bank collapsed over the weekend tobymather, CEO of Lingumi, which has money in SVB, says it’s a great relief. BBC Sounds

We strongly echo this sentiment.

Huge applause in the chamber when Jeremy Hunt announced more money for beer and potholes, but muted response to mention of the HSBC/SVB rescue. Luckily Hunt, unlike the wider MP base, understood the potential disastrous impact of SVB deposits being lost for the future of UK tech

Genuine question: has anyone working at a startup every _actually_ said they wished they had an MBA?

This by Polina Ivanova is the most unsettling and most important piece of writing I've read this year. Since late 19C, Russian artists has been divided into two camps: conforming 'poputchiki', vs those who quietly, or loudly, resist. Here we are again. on.ft.com/3JT2Rbr

We’re going to be in LA and San Francisco at the end of June-mid July. We would love to connect with more theatre makers/production companies out there so DM us if that’s you! Please RT/share! 🙏🎭

I haven't seen the film yet, but with lines like "Only Cillian Murphy, the Picasso of guilt, could take a void like the one in the middle of Oppenheimer and go through it, regret painted across his own features", Jo Livingstone you deserve a writing prize. Wonderful piece.

Ever wondered what dramaturgy actually is and how you might use it in your practice? ✍️ Come to my workshop next Friday and find out❗️ 8th December, 3:30-5:30pm on Zoom The Space

👑 I've sent a letter to King Charles giving him a domain for Christmas 🎁 Read why here: 12challeng.es/p/dear-king-ch…

Absolutely love tobymather's contraction of 'enshittification' to 'e14n' here: 12challeng.es/p/a-typology-o… a16z: software is eating the world e14n: enshittification is eating software CC Cory Doctorow NONCONSENSUAL BLUE TICK (AFK)

My sister Bethany Clifford-Rigg pointed out that the new UK electoral map looks unmistakably like Donald Trump staring at a lettuce