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From Santa Clara to Shoreditch, SVB Fallout Spreads Around World

The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world. 

Startup founders in California’s Bay Area are panicking about access to money and paying employees. Fears of contagion have reached Canada, where the bank’s loan book has doubled in the past year. SVB’s unit in the UK is set to be declared insolvent, has already ceased trading and is no longer taking new customers. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.

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