Silicon Valley Bank collapse was fastest since Barings in 1995, Bank of England governor says

Andrew Bailey says economy is in ‘period of very heightened tension and alertness’

But UK banking system not in same position as during 2008 financial crisis, says Bailey (PA Wire)

The collapse of Silicon Valley Bank (SVB) was the fastest banking failure since Barings in 1995, the Bank of England governor has said.

Speaking to the Commons treasury committee, Andrew Bailey said that the economy was in a “period of very heightened tension and alertness”, but noted the UK banking system is not in the same position as during the 2008 financial crisis.

Mr Bailey was questioned after SVB collapsed in the US around two weeks ago, sending shockwaves across global financial markets.