The Financial Times leads on the UK repercussions of Silicon Valley Bank’s collapse. It reports that Chancellor Jeremy Hunt is rushing to provide a cash-flow “lifeline” to some UK-based tech business, which have been affected. The paper says Mr Hunt has dismissed a bailout of the UK arm of SVB, but will instead focus on keeping cash flowing to tech groups.
Sources suggest the UK has moved past its technical recession with first-quarter growth surpassing that of the US and Eurozone, a positive development for Rishi Sunak.