FirstFT: Silicon Valley Bank fallout

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Today, US president Joe Biden is expected to speak about the emergency measures taken by regulators to manage contagion from Silicon Valley Bank’s collapse. I’ll bring you up to speed on moves by regulators on both sides of the pond to contain the fallout from the second-biggest bank failure in US history. You can also get our latest on SVB here.

Here’s what else to keep tabs on today:

  • Aukus pact: Biden, along with UK prime minister Rishi Sunak and Australia’s Anthony Albanese, will discuss a deal to supply nuclear-powered submarines.

  • UK strikes: Tens of thousands of junior doctors in England will go on strike for three days in the most extensive disruption to the NHS since last year.

  • Results: BuzzFeed, Direct Line, Getty Images, Phoenix Group and Tod’s report. Porsche has its annual conference for investors.

Any thoughts on the collapse of SVB? Let us know at [email protected]

Today’s top news

1. US regulators face questions over whether they missed warning signs at SVB, with many observers questioning how the country’s 16th-biggest bank was allowed to become so vulnerable. Here are the red flags experts say could have been spotted.

2. The UK is preparing a cash lifeline for tech companies hit by SVB’s collapse after start-up founders warned of “carnage” if they could not pay wages and bills. Read more on Chancellor Jeremy Hunt’s plans for a dramatic intervention.

3. Rishi Sunak unveiled a £5bn boost to military spending as the prime minister pledged to “fortify” Britain against growing Russian and Chinese threats. Here’s what the extra funding will be used for.

4. Plans to fight US green subsidies have sparked a fierce debate in Brussels over state intervention in Europe’s economy. Read the full story on the ideological battle over the EU’s green proposal.

  • Opinion: Biden’s Inflation Reduction Act can teach Britain how to think strategically, writes Resolution Foundation chief Torsten Bell.

5. Protests by Israeli reservists have alarmed the military leadership, underscoring the depth of division over an overhaul which would sharply curb the judiciary’s powers.

The Big Read

© FT montage

The UK currently has jobs to spare. Ill health, early retirement and population ageing have all helped shrink the workforce, leaving businesses struggling to fill vacancies. One big development is acting as a counterweight, however: an unexpectedly strong bounceback in migration to the country.

We’re also reading . . . 

Chart of the day

Chancellor Jeremy Hunt has pledged to use his Budget to set Britain on the “hard road” to recovery. But how exactly will he do that? Here are five things to look out for in his plan this Wednesday.

Column chart of Forecasts for GDP growth in 2023 (%) showing Newer forecasts for the UK economy expect a shallower recession

Take a break from the news

Trieste, the coastal capital city of the Friuli-Venezia Giulia region in north-east Italy, is having a bit of a moment. Read more on Europe’s comeback kid.

Sant’Antonio Taumaturgo church seen from the Trieste Grand Canal
The Sant’Antonio Taumaturgo church seen from the Trieste Grand Canal © Camilla Glorioso

Additional contributions by Annie Jonas and Darren Dodd

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