The  Financial Times reports on Chancellor Jeremy Hunt is rushing to gather a cash lifeline for scores of UK-based tech businesses hit by the collapse of Silicon Valley Bank. 

The paper was published before the announcement that HSBC has bought the UK’s branch of the US bank – too much relief for the UK tech industry. 

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.