Tag #Deposit Protection

How does the proposed increase in deposit protection address concerns raised by recent banking failures?

This increase addresses concerns about insufficient depositor protection following the 2023 banking crisis, particularly the Silicon Valley Bank UK failure, which highlighted the importance of robust depositor protection. The new limit, exceeding the previous £85,000 set in 2010 post the 2008 crisis, reflects post-Brexit regulatory freedom and aims to mitigate risks to the financial system. The higher cap brings the UK closer to the US standard of $250,000.