you all you need to know about silicon valley bank uk and what is happening in the us. i ll be backin is happening in the us. i ll be back injust a is happening in the us. i ll be back in just a moment. hello there. the snow was melting on sunday, temperatures were widely in double figures, but that doesn t mean the cold weather has gone away because we ve got warnings from the met office through monday and into tuesday for snow and ice across northern parts of the uk. and it s cold in the far north of scotland temperatures close to freezing first thing in the morning. otherwise, it is a very mild start to monday. we may well have some early sunshine across eastern parts of england before we see a few showers. other parts of the uk, more cloud, showers or longer spells of rain, and the rain in scotland is going to be turning more to snow, particularly over the hills, as a northerly wind strengthens. it s going to be a windy day. we ll see gales developing in the north of scotland lat
The move comes after US authorities moved to shore up deposits and stem any wider fallout from the sudden collapse of its parent, tech start-up lender Silicon Valley Bank
in the uk, the government has announced that hsbc will buy the uk arm of svb, meaning customers will be able to access their deposists and banking services as normal. here s the uk s finance minister. well, there was never a systemic risk to our financial stability in the uk. the bank of england governor made that clear from the outset, but a number of our most promising and important technology and life science companies had their money with silicon valley bank, in their uk branch. so we ve been working over the weekend, i ve been in constant contact with the governor of the bank of england, the prudential regulatory authority, the prime minister, to work up a solution. we do now have that solution, a sale has been agreed to hsbc, which is europe s biggest bank, one of the most credit worthy institutions in the world. and what that means is that all those really important companies that had deposits with silicon valley bank uk can access their deposits, can access normal banking servi
that had deposits with silicon valley bank uk can access their deposits, can access normal banking services as of this morning. it s a very important outcome, no taxpayers money has been used. i think it shows the uk has great resilience in its financial system, that we are able to step in with one of our biggest uk banks in a situation like this and protect a very important sector. , , south korea and the united states have begun their biggestjoint military exercises in five years. named freedom shield, they re due to continue for ten days. washington and seoul have intensified their military cooperation in response to what they say is a growing threat from pyongyang. on sunday, the north korean military fired what it called two strategic cruise missiles from a submarine off its eastern coast. it was the latest in a series of banned weapons tests. earlier this month, the south koreans revealed their special forces had already staged an exercise with the us simulating precision strikes
tend to run into the same problems. silicon valley bank also had an arm here in the uk, this morning british multinational, hsbc, agreed to buy it forjust over one us dollar. it s a deal that involves no taxpayer money. the move will save thousands of british tech startups and investors from big losses and potential collapse. the bank of england said no other uk banks had been materially affected by svb s collapse. here s uk chancellorjeremy hunt. all those really important companies that had deposits with silicon valley bank uk can access their deposits and normal banking services as of this morning. it is a very important outcome. no taxpayer money has been used as a result of a lot of hard work. our business reporter katie silver explains what impact the bank s lananh nguyen, is the us finance editorfor the reuters news agency. the us government has stepped in to