This month's banking crisis in the US is reviving alarming memories of the 2008 financial crash.
Few can forget the images of ordinary customers queuing outside high street branches of Northern Rock, hoping to withdraw savings from the collapsing bank.
Soon, bank after bank was on the verge of closure - igniting the biggest financial crisis since the Wall Street Crash in 1929.
Many of the UK's major banks were only saved through a government bailout using taxpayers' money.
The fallout led to a financial crisis resulting in a long recession, job losses, companies going bust and an economic slump it has taken years to emerge from.
That chancellor Jeremy Hunt was forced to divert attention from planning for this week's budget over the weekend to discuss the Silicon Valley Bank collapse highlights how seriously the government is taking the situation.
Yet still there are troubling signs.
Already two US banks have collapsed - with New York-based Signature Bank folding this days after Silicon Valley Bank - and there are suggestions that more could be in trouble.
Meanwhile, billions have been wiped off the global stock market, despite president Joe Biden's efforts to calm jittery financial nerves.
There is an upside, however, as lessons learned from the 2008 financial crash could ensure that the economic fallout is lessened this time around.
Is your money safe in UK banks?
On Sunday, Mr Hunt moved to reassure people's concerns about the economy, saying: "There is no systemic risk to our financial system, so people should be reassured on that basis."
A big difference between what is happing in the US today and what happened in 2008, is that it is small to medium-sized banks that are in trouble.
In addition to this, the two banks that have collapsed specialise in lending to businesses, particularly in the tech sector, not everyday consumers.
This means that for the ordinary person in the street banking with the major banks and building societies, their money should be safe.
In fact, since 2008 protection for everyday bank deposits has been enhanced through the Financial Services Compensation Scheme (FSCS).
Under this, deposits of up to £85,000 in a sole account and £170,000 for a joint account, under one banking licence, are protected in the event of the bank or building society collapsing.
How will the region's tech firms be affected?
While there is no immediate concern over the safety of high street banks, many leading tech firms could be at risk.
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Mr Hunt has said that the government and Bank of England will do "everything we can" to protect firms affected by the collapse of Silicon Valley Bank UK - which has subsequently been purchased by HSBC.
He added: “The prime minister and I and the governor of the Bank of England are absolutely determined to do everything we can to protect the future of these very, very important companies.
“We will come forward with a solution that helps those very, very important companies with things like payroll and their cash flow requirements, but we also want to put in place a longer-term solution so that their futures are secure.”
Asked if that could mean stepping in with taxpayers’ money, he said he did not “want to go into what the solution is”.
For the region, the collapse could be a heavy blow to attempts at positioning itself at the forefront of the tech industry, which have been spearheaded by many regional leaders, including MP George Freeman, now the Minister of State in the Department for Science, Innovation and Technology.
Cambridge to Norwich Tech Corridor
A key part of this focus has been the establishment of the Cambridge to Norwich Tech Corridor - which aims to create a community of businesses involved in tackling the challenges of food, energy, medicine and mobility.
In Norfolk, Norwich Research Park has been a leader in establishing the region as a tech hub.
The park, located on 100,000 square feet on the outskirts of the city, is home to 40 businesses that carry out groundbreaking work into food, genomics and health.
Last year, it set out plans to expand by 900,000 square feet and house up to 300 firms within the next 15 years.
The park has declined to comment on the impact on the sector of the Silicon Valley Bank collapse.
Suffolk has also been at the forefront of the region's focus on tech, with Tech East, a wholly-owned subsidiary of the Suffolk Chamber of Commerce, supporting a network of local digital technology businesses.
Commenting on the Silicon Valley Bank collapse, Tim Robinson from Tech East said: “HSBC’s purchase of Silicon Valley Bank UK is welcome as all customer deposits have been protected.
"Silicon Valley Bank’s UK arm is in safe hands.
"While it was a very difficult and uncertain weekend for Silicon Valley Bank customers, I’m pleased to see how the tech sector, investors and government were able to work together around the clock to find a solution.
"Tech East worked closely with other regional tech cluster organisations through the UK Tech Cluster Group to deliver insights and support to those leading this lobbying work and so I’m pleased we were able to play our part in securing the onward growth and confidence of many tech businesses in our region.”
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