Britain’s chancellor said on Thursday that his government needed to look at raising the level of protection for bank customers given the speed at which deposits fled Silicon Valley Bank last month.
Speaking on the sidelines of the IMF spring meetings in Washington, Jeremy Hunt echoed comments by Andrew Bailey, governor of the Bank of England. He said the deposit insurance scheme was part of the financial system that needed review and he would look at raising the limit if regulators recommended it.
“We need to look at deposit insurance and keep that under review,” Hunt said. “If there is a decision [from regulators] that we should increase [the £85,000 limit], it will come across my desk as to how we finance that increase.”
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