Pakistan to present FY26 annual budget on June 2
ISLAMABAD, May 23 (Reuters) - Pakistan will present its annual budget on June 2 for the financial year 2025-26, Khurram Schehzad, the finance minister's adviser, said on Friday.
The economic survey for the current financial year will be presented on June 1, Schehzad said.
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36 minutes ago
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Updating the law is welcome but digitising wills comes with risks
It has been many years in the making, but the Law Commission's recent report on wills — together with a draft bill — includes radical suggestions to modernise the system. While virtually all documents can be created and signed electronically today, an English will in 2025 differs only marginally from one created at the time of the 1837 Wills Act, and often bears a greater resemblance to a Dickensian document than one drafted in the 21st century. The report and draft bill pave the way for electronic wills, bringing England and Wales into line with other jurisdictions that allow digital wills, such as the US, where several states recognise such wills, and parts of Canada and Australia. While the recognition that the law must reflect changes in society is to be welcomed, it is important to be aware of the potential risks, such as how documents will be made and stored securely. Electronic documents are more likely to be hacked, corrupted and to be subject to fraud. It may be easier to corrupt an electronically stored document and amend its provisions than to forge a paper will. Digital documents are more easily deleted accidentally, and if remote witnessing becomes a reality, then undue influence could be of increasing concern. The commission appears to be aware of the potential risks and has indicated that electronic wills will only be valid if they are registered and stored on a government-authorised central storage system, which should mitigate some of the risks. The requirements will be similar to those for paper wills in that a will must be written, signed by the testator, and witnessed by two people present at the same time. • At last, a proposal to overhaul 188-year-old wills legislation However, additional safeguards are highlighted — for example, the testator and witnesses should be linked to their signatures at the time of signing, and the original or authentic will must be identifiable from copies and protected from unauthorised alteration or destruction. The report goes on to say that the commission does not recommend the means or technology necessary to establish these criteria, which could mean that corners are cut at the lower end of the market in an attempt to keep prices low. In addition, the report advises giving the courts a 'dispensing power' to recognise documents that are not formal wills but that show a testator's intentions, including videos, electronic documents and recordings. The fact that the court would need to approve these 'wills' should act as a check and balance — however, there are clearly risks associated with proving the authenticity of such Lynn is a partner at the law firm Russell-Cooke
Western Telegraph
39 minutes ago
- Western Telegraph
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Business News Wales
39 minutes ago
- Business News Wales
Mixed Reaction to UK Government Spending Review
Business leaders have given a mixed reaction to the UK Government Spending Review, which included Welsh rail investment worth at least £445 million . The Federation of Small Businesses (FSB) said it was 'not the business-focused day' small businesses had hoped for, whilst calling on the Welsh Government to use local growth funding announced in the Spending Review to boost the business support system. The CBI described the Spending Review as a 'downpayment on hardwiring the growth mission into government priorities', adding that the 'litmus test now will be following through on delivery in partnership with industry at pace'. The UK Government said the rail investment announced by Chancellor Rachel Reeves would invest in both North and South Wales, adding that it would fix level crossings, build new stations, and upgrade existing lines. It said the rail upgrades would specifically link centres of advanced manufacturing excellence in North Wales and improve connections between Cardiff and Bristol. Monmouthshire County Council said it was 'delighted' with the rail announcement, adding that its communities 'have continued to live with the impacts of congestion on the M4 with no viable public transport alternatives'. It said the upgrades to the South Wales Mainline will increase train service frequency and the provision of five new railway stations – including Magor Walkway, which it said was a testament to the tireless work of the MAGOR group (Magor Action Group on Rail). Mary Ann Brocklesby, leader of Monmouthshire County Council, said: 'This is a hugely welcome investment that recognises the urgent need to upgrade our transport network here in Wales. Magor Walkway Station is a project with strong community backing from local councillors, residents, and campaign groups. I'll continue working with all partners to make sure Monmouthshire sees the benefit of this long-overdue rail project.' The Welsh Government will receive the largest settlement in real terms since devolution in 1999, the UK Government said, with an average settlement of £22.4 billion per year. Secretary of State for Wales Jo Stevens said: 'This UK Government is investing in Wales' future and driving economic growth across the country. 'We promised we would deal with the historical under-investment in Wales' rail network and the funding announced today in this Spending Review shows we are delivering on that pledge. 'Along with a record financial settlement for Welsh Government to improve public services, £118 million more to help keep coal tips safe and investment in growing industries like aerospace, we are backing Wales' potential and delivering for working people.' The Chancellor also announced that the British Business Bank's total financial capacity will be increased to £25.6 billion, which will enable a two-thirds increase in investments to around £2.5 billion each year. The British Business Bank said this investment is expected to crowd in tens of billions of pounds of private capital. Louis Taylor, CEO, British Business Bank, said: 'We welcome today's announcement by the Government, which is a strong endorsement of the British Business Bank's 10-year track record, market access and capabilities, including our position as the largest investor in UK venture and venture growth capital funds and the most active late-stage investor in UK life sciences and deeptech. 'To deliver the Government's growth mission it is critical that our most promising entrepreneurs can access the finance they need to grow their businesses, no matter what their background or where they are located.' Tina McKenzie, Policy Chair of the FSB, said: 'Small businesses will be wondering when they will feel the benefits of today's Spending Review. It was not the business-focused day they had hoped for. 'As spending allocations were announced, decisions over how that money would support small businesses were not included. Increased Statutory Sick Pay came without help for small businesses to afford it; extra money for housing and defence came without a commitment to include small firms in the supply chain; new energy efficiency funding for households came without equivalent help for small business premises. 'The one major bright spot for small firms today was the significant increase in resources to the British Business Bank, which FSB campaigned for in advance of today's statement and which we welcome. This should see far more finance flowing to local businesses up and down the country. 'With headline departmental funding allocated, the challenge now passes to each and every government department to be strategic with their spending over the next three years – using every taxpayer pound to get the most value, stimulate the economy, and spread jobs and growth. SMEs should get a far greater share of public contracts, and big businesses which treat their smaller suppliers poorly should be banned from winning them. 'Small business confidence is already languishing at levels comparable to the energy bills crisis, while job numbers in small businesses are falling fast, so bold, concerted action is needed. You can't grow the economy and tax revenues without growing small businesses. 'Small firms were not the focus today, but the second half of 2025 now becomes a crunch period for SME-focused growth reforms. Ministers must buckle down on this over the summer and through to the autumn, putting small businesses at the heart of the Industrial, Trade and Small Business Strategies. This includes addressing business rates, Employment Allowance expansion and Statutory Sick Pay in the autumn Budget, and proper legislative reform in the King's Speech. 'The benefits will only come if the Government takes these challenges seriously through to the autumn.' John Hurst, FSB Wales Chair, said: 'Small businesses in Wales continue to face relentless pressure from rising employment costs, ongoing changes to employment legislation, and sustained high energy bills. 'The Welsh Government must now actively back our small businesses by using the local growth funding announced in the Spending Review to boost our business support system, fostering a dynamic ecosystem that encourages entrepreneurship and empowers Welsh business owners to innovate, invest, and grow.' Russell Greenslade, Director, CBI, Wales, said: 'Today's Spending Review signals a downpayment on hardwiring the growth mission into government priorities. Against a challenging backdrop, the choice to prioritise investment in clean energy, R&D, as well as delivering a much-needed boost to transport in Wales, and infrastructure, is the smart play that will raise the long-term ceiling of the economy. The litmus test now will be following through on delivery in partnership with industry at pace. That must be underpinned by a comprehensive strategy for driving investment in adult skills and addressing high energy costs, which were missing from today's announcement. 'The Chancellor's announcement made clear that Wales has the industries of tomorrow. From solar power to battery technology, net zero and renewables to semiconductors helping to power AI. The additional budget increase was modest, but this is understandable given the difficult economic context. 'R&D investments by the government will hopefully see projects from our key sectors make the impossible possible. We would have liked to have seen a more adaptive growth and skills fund geared to minimise apprentices leaving early due to high living costs. Overall, there were positive announcements in the Spending Review. It is now up to local firms and government to enter the bidding processes they are so good at and win that funding for Wales. 'CBI Wales looks forward to working closely with the Welsh Government on the welcomed allocation of additional funding from the UK Government. Our goal is to help reduce the high burden of costs currently facing our businesses in Wales. By doing so, we aim to unlock growth and create more jobs across the country – ensuring the Welsh economy remains resilient and competitive for the future.' Ann Watson, CEO of Skills Charity Enginuity, which promotes skills in the engineering and manufacturing sectors, broadly welcomed the Spending Review. She said: 'Today's Spending Review sends a welcome signal of government support for the UK's priority industrial sectors, with significant investment announced for clean energy, defence and transport. This increase in capital investment will help create demand across the UK's industrial supply chains, providing SMEs with a confidence boost to realise the Government's ambitious economic and decarbonisation goals. With fiscal parameters now in place, the crucial next step is a comprehensive Industrial Strategy that provides clarity, detail and meaningful policies to set a concrete vision for the future of UK industry. 'Enginuity is also pleased to see the Chancellor acknowledge that achieving growth requires investment in skills, with an injection of £1.2 billion of additional investment per year by 2028-29 into the skills system. Its impact will depend on allocation and execution and will no doubt hinge on further details due to be announced in the forthcoming post-16 strategy.' The Tidal Range Alliance (TRA) warned of a 'glaring blindspot' in the UK Government's high-level energy ambitions. It said that while the focus on future energy investment was welcome, it believes there is a 'major lack of risk evaluation, mitigation, and no credible contingency planning'. Robin Peters, Tidal Range Development Lead for the TRA, said: 'The strategy is bold but is dangerously exposed. The focus and future investment in low carbon technologies is to be applauded, but hydrogen fired generation, carbon capture and new nuclear are all high-risk in terms of technology readiness, supply chains, and delivery timelines. 'That risk is being pushed into the market, without the Government retaining control or providing a credible Plan B. 'Tidal Range technology is the Plan B and should be in the mix now. It is a civil infrastructure technology with predictable output, low-risk delivery, and decades of successful generation from existing schemes in France and South Korea. 'Why it has been omitted from the Government's strategic investment plans is not only baffling but a major energy cause for concern.'
