Bid to turn Edinburgh into one of the world's leading city economies
Plus: 'Tourist tax' homes; Women's World Cup bid; and Sherifhall Roundabout pledge
City businesses plan to build economy into one of world’s strongest within four years
An ambitious plan has been launched to turn Edinburgh from the UK’s most productive city into one of the most successful city economies in the world by 2030.
Edinburgh Chamber of Commerce has launched “Edinburgh 2030: Unleashing Our Economic Ambition” which has been a year in the making, and involved a wide range of consultation with businesses, universities and colleges, infrastructure providers, and the third sector.
Collaborative working will be essential and while business-led it is to be shared with politicians at UK, Scottish and city level. Policy-makers’ buy-in and support will be vital.
The plan’s “good economic growth” aims to deliver an increase in high-growth businesses; record level of investment; more, and better, jobs; and raise the funds needed to support better quality public services for all.
Isn’t our city already successful?
Last summer, Edinburgh overtook London as the city with the highest per capita GDP in the UK - at approaching £70,000 - twice the Scottish average. Despite making up only ten per cent of the population, the Capital accounts for more than 20% of the Scottish economy, more than any other city. That figure rises to around a third when we include the city’s environs. Despite being a tiny percentage of the UK population, we’re 1.5% of the UK economy. So yes, we’re successful.
However, the plan cautions against complacency. City regions south of the border such as Greater Manchester, East Midlands, Cambridge and Peterborough, are putting strong regional growth plans in place and – importantly – creating the delivery structures to build success.
Liz McAreavey, Chief Executive of Edinburgh Chamber, said: “Our challenge is unique - we are not trying to close the gap on other UK cities, they are chasing us. By 2030 we aim to become the UK’s most ambitious city economy defined by our growing rate of high-value scale-ups, global investment, and a thriving innovation ecosystem, leading in priority sectors such as financial service and fintech, data science, health innovation, green energy and creative industries.”
What will the plan do?
The plan is aligned to the UK Government’s Industrial Strategy priorities and the high-growth priorities of the Scottish Government. Indeed, Edinburgh is unique, in that it is the only city in the UK to have clusters in all eight of the high-growth priority sectors identified in the UK Government’s Modern Industrial Strategy 2025.
McAreavey says: “Despite our achievements, we are missing out on vital investment and innovation funding that could accelerate and build on our current success and unrivalled assets and capabilities. To unlock Edinburgh’s true economic potential, we need to create Team Edinburgh - a collective, confident and ambitious voice, unified by strong leadership, that tells the world why this city offers one of the highest-value investment opportunities anywhere in the UK.”
What are its specific aims?
The plan contains five key missions, which aim to build on the city’s strengths:
· Accelerate business dynamism and ambition – we will double the number of scale-ups with more than £50m annual revenue from c.30 to 60 by 2030; and double annual venture capital raised from c.£150m to £300m by 2030
· Deliver more, and better, business infrastructure - all flagship Edinburgh 2030 infrastructure projects to be underway or completed on schedule, placing greater urgency and pace behind delivery; deliver 30,000 new homes (35% affordable) by 2035; and build 1 million sq ft of new lab/office space to meet demand
· Become Europe’s top mid-sized (less than 1m population) innovation city – build on our leading position relative to our peers on research, data-driven innovation, fintech, creative industries, and health innovation, and also recognised as the UK exemplar where innovation hubs are engines of local opportunity and community development.
· Secure a diverse, skilled and resilient workforce – seek funding to deliver Scotland’s first employer-led training programmes upskilling 7,500 people annually in high-demand fields
· Make a reality of a bold, collaborative Team Edinburgh leadership – underpinning the plan will be a highly visible Team Edinburgh Economic Network with a clear figurehead by late 2026, which will lead efforts to win £1 Billion in new external investment by 2030
Is it all pie in the sky?
The plan contains deliverable and measurable actions behind the delivery of all five missions. It is less a strategy and more a plan to pull together and deliver on existing strategies. For example, in its efforts to create a collaborative and effective approach, the Chamber will convene the Team Edinburgh Economic Network. That will stage high-profile events engaging the full diversity of the city’s business base, with an immediate priority of coordinating submissions for funding opportunities. Work is already underway to identify the leadership of the initiative.
Do we really need this?
The new plan recognises the opportunity and need for the city’s business community to take a proactive role in shaping economic policy and guiding investment decisions - strengthening Edinburgh’s resilience to future disruptions and global trends. It also addresses pressing economic and social challenges - including mounting infrastructure pressures; sticky poverty levels; and the continued decline in housing affordability - which risk undermining our appeal as a place to live and work.
YOUR EDINBURGH BRIEFING
WORLD CUP BID: Hibs’ Easter Road Stadium has been included in the UK’s bid to host the 2035 Women’s World Cup. With a decision expected next year, the joint bid by the four home nations currently stands unopposed. It would be the largest single-sport event ever staged on UK soil. Scotland head coach Melissa Andreatta said: “The impact of bringing the World Cup to our nation would be felt for decades, driving participation, investment and equality at every level of the sport.”
‘TOURIST TAX’ HOMES: Funds from Edinburgh’s Visitor Levy are set to support the building of almost 500 homes, at Meadowbank, Fountainbridge and behind the Kirkgate Shopping Centre in Leith. More than three-quarters of the 472 homes will be for social rent. The council says this will enable homeless households currently in temporary accommodation to move out of B&Bs, freeing those properties to return to the visitor sector. Councillors are expected to approve the specific plans tomorrow, having previously agreed to invest £5m a year from Visitor Levy funds in a ‘housing and tourism mitigation fund’.
SHERIFFHALL HOLD-UP: Transport Secretary Fiona Hyslop has said a major upgrade of the traffic-clogged Sheriffhall Roundabout remains a ‘priority’ despite ongoing delays to the project. The Scottish Government has yet to confirm a date for work to start, two years after it received the report of a public inquiry into the project. The UK and Scottish governments have committed funding for the planned flyover despite criticism from environmentalists. Lothians MSP Miles Briggs has raised fears the ongoing delays may mean the work never takes place.
HOY ‘SADDENED’ BY CANCER RULING: Six-time Olympic champion Sir Chris Hoy said he is “extremely disappointed and saddened” by a recommendation against introducing mass screening for prostate cancer. The National Screening Committee (NSC), comprised of doctors and economists, told the government screening is “likely to cause more harm than good”. The Edinburgh athlete, aged 49, has been campaigning for routine testing for men aged over 45 since being diagnosed with terminal prostate cancer.
£142M BARRACKS REVAMP: Construction company Graham has been awarded a £142m contract to modernise Army accommodation and training facilities in Edinburgh and the Lothians. Work at Edinburgh’s Dreghorn Barracks and Glencorse Barracks, at Penicuik, is expected to get underway in 2027. As well as improving living conditions for troops, the investment will provide a new dedicated military band facility at Dreghorn and pony stables at Glencorse, as well as an upgrade to the Colinton Road Reserve Centre.
DODDIE’S SON STEPS UPS: Hamish Weir, son of the late Scottish rugby hero Doddie Weir, is to captain the Scotland team in a fundraising challenge in aid of motor neurone disease (MND) research. Doddie, who died three years ago, aged 52, founded the My Name’5 Doddie Foundation to raise funds for research. Hamish, 24, will lead one of the teams in the Doddie Aid challenge, which begins on January 1, encouraging people across the UK to log miles in any form of exercise – from swimming and cycling to running and dog walking.
CONCERT FEES PLEA: Scottish Rugby is asking for a reduction in council fees after being charged £1.18 million for matches and concerts staged at Murrayfield Stadium over the last year. The fees are designed to cover council costs such as road closures, use of parking spaces and clean-up operations. The rugby authority’s plea follows a similar appeal from Festival organisers after the local authority introduced a new charging regime last October which saw many fees rise.
WATERFRONT HERITAGE: Granton Lighthouse will be among the historic buildings around the city’s Watefront to benefit from £2.9m funding, from Historic Environment Scotland and the National Lottery Heritage Fund, to protect the area’s heritage.
PARKING CHARGE SUMMIT: Community groups, businesses and residents are to spell out concerns about plans to introduce parking charges in town centres across East Lothian. A final decision on the introduction of on and off street parking charges in Dunbar, Musselburgh and Haddington is due to be taken later this month. Councillors will listen to objections at a Community Evidence Session in Haddington tomorrow night. Parking charges have already been approved for North Berwick despite widespread objections.
SHOPPING CENTRE STABBING: A 22-year-old man has been taken to hospital after allegedly being stabbed near Fort Kinnaird retail park at around 9.30am on Saturday. Police say they are following a “positive line of enquiry” following the incident on Newcraighall Road.
FAIRMILEHEAD FUTURE: Residents in Fairmilehead are being invited to share their hopes and dreams for the district, as part of an initiative by the local community council to design a Local Place Plan. An online survey has been launched, asking - for instance - resident views of what’s missing, what needs protecting and what’s good about Fairmilehead. The survey can be completed via TheFairmile.Substack.com before 15 January.
Pic of the week
THE BUSINESS
TRUST BID: New York-based hedge fund Saba Capital appears to be renewing its intent to gain greater control of investment trust Edinburgh Worldwide, in which it has a 30% stake, managed by Baillie Gifford. Saba has written to the board of Edinburgh Worldwide stating its intent to requisition a general meeting to oust the board. Edinburgh Worldwide was one of seven investment trusts in which Saba sought greater control last year, without success.
TRAM WORKS: Businesses disrupted by building work on the city’s proposed tram extension should receive compensation at at least the same level as Covid lockdown support, according to The Federation of Small Businesses. It is vital the city learns from the “immense” disruption in previous schemes, which forced local firms to close and relocate, it said. The proposed tram route runs through some of the busiest commercial streets in the Capital on its way south from the city centre.
NEW STORES: Sustainable clothing brand Lucy and Yak has opened its first Scottish store, on Rose Street in Edinburgh. The new shop is the 13th opened by the company. Meantime, luxury brand Longchamps has announced that it is to open a store at Multrees Walk next year. A date is still to be confirmed.
IF IT QUACKS LIKE A DUCK…West Lothian cyber security specialists Workflo Solutions are warning online shoppers to be vigilant about deals that seem too good to be true as malvertising and phishing scam attempts are set to skyrocket in the run up to Christmas. Some 12 million transactions were predicted for the Black Friday start to the festive retail spree last week alone.
THAT’S ENTERTAINMENT
SUNSHINE ON GREENSIDE PLACE: The Proclaimers have announced two home town gigs at Edinburgh Playhouse on 27 and 28 November, 2026, while The Deftones will headline a Summer Sessions show, with support from The Idles, at the Royal Highland Showground on 27 August.
WHAT THE DICKENS: Count Arthur Strong (aka character comedian Steve Delaney) delivers the Charles Dickens story and his own adaptation of the festive classic A Christmas Carol at the EICC on Saturday. Expect Dickens like you’ve never seen it before in Count Arthur Strong in A Christmas Carol.
SHOP ‘TIL YOU DROP: It’s a big weekend for makers’ markets. From Leith to Jupiter Artland and the Fruit Market Gallery, get the low-down in Sarah McArthur’s guide from Saturday’s Inquirer.
Don’t miss Thursday’s newsletter for our cultural highlights of the week.
QUICK BITES
NEW SLICE OF LIFE: The much-loved Glaswegian pizza institution, Paesano. has opened its first restaurant in Edinburgh, on George Street last week.
MENU SUCCESS: Restaurant booking platform Open Table has compiled a list of the best 100 restaurants in Britain, based on diner reviews, with Edinburgh dominating Scotland’s seven entries with five city eateries named – Little Capo, Paz Taqueria, Skua, The Broughton and The Spanish Butcher.