FirstFT: Silicon Valley Bank fallout

US President Joe Biden is expected to address measures taken by regulators to contain the fallout from Silicon Valley Bank’s (SVB) collapse, the second-largest bank failure in US history. Regulators in the UK are also scrambling to contain the fallout, with Chancellor Jeremy Hunt preparing a cash lifeline for tech companies that have been hit. Start-up founders have warned of “carnage” if they cannot pay wages and bills. Red flags which experts say could have been spotted have also emerged, calling into question how the 16th largest US bank was allowed to become so vulnerable. Protests by Israeli reservists over plans to curb the judiciary’s powers have raised alarm. Meanwhile, the UK, US and Australia are set to discuss a deal to supply nuclear-powered submarines under the Aukus pact, while tens of thousands of junior doctors in England will begin a three-day strike. Porsche’s annual conference for investors is also taking place.

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