Edinburgh, the capital city of Scotland, is a powerhouse of the Scottish economy, as well as the wider UK economy. Edinburgh has been consistently one of the most prosperous parts of the country and has the strongest economy of any city in the UK outside London. [1] Financial Times FDi Magazine has named Edinburgh as the "Best Large European City of the Future" and "Best Foreign Direct Investment Strategy (Large City)" for 2012/13. [2]
Edinburgh was ranked the 13th largest financial centre internationally and the 4th largest in Europe in 2020. [3]
The table below shows the top employers in terms of employee numbers in the City of Edinburgh:
Employer | Number of employees | ||||||
---|---|---|---|---|---|---|---|
NHS Lothian | 19,890 | ||||||
City of Edinburgh Council | 18,617 | ||||||
University of Edinburgh | 13,372 | ||||||
NatWest Group | 8,368 | ||||||
Lloyds Banking Group | 7,500 | ||||||
Standard Life | 5,259 | ||||||
The Scottish Government | 3,913 | ||||||
Lothian and Borders Police | 2,439 | ||||||
Tesco (inc Tesco Bank) | 2,400 | ||||||
Royal Mail | 2,257 | ||||||
[7] | Source: Edinburgh by Numbers 2013/14 |
This next table highlights the number of people in employment in the City of Edinburgh by industrial sector:
Sector | Number of employees | ||||||
---|---|---|---|---|---|---|---|
Human health and social work | 45,300 | ||||||
Wholesale, retail and repair | 36,400 | ||||||
Financial Services | 34,600 | ||||||
Education | 29,200 | ||||||
Accommodation and food services | 26,800 | ||||||
Professional, scientific and technical activities | 27,100 | ||||||
Administrative and support services activities | 21,000 | ||||||
Public administration, defence and social security | 18,700 | ||||||
Information and communication | 12,400 | ||||||
Transportation and storage | 10,200 | ||||||
Arts, entertainment and recreation | 10,000 | ||||||
Construction | 9,000 | ||||||
Manufacturing | 7,300 | ||||||
Other service activities | 5,500 | ||||||
Primary industries and utilities | 3,200 | ||||||
Real estate | 5,200 | ||||||
[7] | Source: Edinburgh by Numbers 2013/14 |
Edinburgh is the second largest financial centre in the United Kingdom, after the City of London, and the fourth in Europe by equity assets. [9]
Edinburgh has been a centre of banking for over 300 years; the Bank of Scotland was founded in 1695, by an act of the original Parliament of Scotland and is now part of Lloyds Banking Group, who have retained the Scottish headquarters in Edinburgh. The Royal Bank of Scotland (RBS) was founded in 1727 by royal charter. In 2000, RBS acquired National Westminster Bank in the biggest banking takeover in British history. It is now part of the NatWest Group, who have also retained the Edinburgh headquarters, operating from a complex at Gogarburn since 2005. TSB, Tesco Bank, [10] Sainsbury’s Bank, and Virgin Money [11] also have headquarters in the city.
In insurance terms, indigenous Edinburgh companies such as Standard Life and Scottish Widows form a large part of the European insurance sector as well as being major employers in the city. Scottish Widows was founded in 1815, managing £145.79 billion worth of funds at June 2013 [12] with a workforce of around 3,500.
The New Town and city centre has traditionally been home to many companies, in the banking, finance and legal professions, but modern needs have caused many to relocate. Immediately to the west of the city centre is the Terry Farrell master-planned Exchange business district, which now houses major employers such as Scottish Widows, Standard Life, the Clydesdale Bank, and Baillie Gifford.
Edinburgh Park is one of the largest business parks in the UK [13] and is located on the western periphery of city, near Edinburgh Airport. The park was opened in 1992 alongside the large out-of-town shopping development at South Gyle and is close to major routes such as the A8, the M8 motorway and the A720 Edinburgh City Bypass and now has its own railway station. Close to Edinburgh Park at Gogarburn, the Royal Bank of Scotland have opened their global headquarters. HSBC, Royal Bank, Diageo, J. P. Morgan, Telewest, BT, Fujitsu and Lloyds Banking Group have all established large offices in this park. Following the opening of the Royal Bank's new headquarters, there will be around 20,000 people working in the western outskirts of the city.
Edinburgh has an estimated 17,136 [14] people working within digital companies. The technology sector has grown upon the expertise within the city’s universities. The city has seen a growth in the number of software companies in the city over the last 10 years and there are now[ when? ] more than 100. [15] These include travel search website Skyscanner and one day fantasy sports provider FanDuel who have grow within the city. Rockstar North (formerly DMA Design), known for creating the Grand Theft Auto series, is also based in Edinburgh. [16] Several large corporates have invested in Edinburgh including Amazon Development Centre Scotland and Microsoft. The School of Informatics is the UK’s largest and longest established research group in informatics. In the REF 2014 assessment for computer science and informatics the School of Informatics has produced more "world-leading" and "internationally excellent" research (4* and 3-star) than any other university in the UK. [17]
A large number of technology companies are based in the area around the University of Edinburgh.
Edinburgh has not had as large or as significant a retail sector compared to Glasgow, however large out-of-town shopping developments have taken place in recent years,[ when? ] such as the Gyle development in 1993 and the Fort Kinnaird shopping complex located to the east of the city. The St. James Centre and Princes Mall started in the 1970s, then Cameron Toll in the 1980s. More recent developments are the Gyle centre next to Edinburgh Park, Ocean Terminal in Leith and the retail parks at Hermiston Gait, Straiton and Fort Kinnaird which are all next to the Edinburgh City Bypass. Edinburgh has many modern supermarkets in its suburbs which offer a more day-to-day type of shopping. As a shopping centre, particularly Princes Street, Edinburgh suffered some decline for a number of years, but since 2005 has seen the City centre yield rise in comparison to other similarly sized cities. [18] Recent attempts to encourage shoppers back into the city centre have included the development of top brand department stores on George Street and St Andrew Square and plans to redevelop Princes Street in the future. [19] In October 2016, the St. James Centre was demolished and rebuilt with a new £1 billion design by Allan Murray Architects and BDP Architects, and was opened to the public in June 2021. It was renamed the St James Quarter and is able to accommodate up to 80 new brands. While it brought a new excitement to the city with many new brands appearing within the quarter, it caused many brands located in Princes Street to relocate to the St James Quarter, undermining the hopes to revitalise the street. St James Quarter was designed to be in the shape of an eye, with the 5-star W Hotels taking pride of place in the 'iris'. This central feature, however, caused a lot of controversy in the city and even put Edinburgh's UNESCO World Heritage status under threat.
Tourism is another important mainstay of the economy of Edinburgh, supporting 30,000 jobs in the city worth £1.6 billion to the city economy. [20] In 2011, visitor spending was £1.16 billion, compared to £250 million in 1990. [21] Edinburgh is Scotland's most popular tourist destination in terms of visitor numbers, with numbers growing substantially each year, particularly in the budget travel and backpacking sector, assisted by the growth of Edinburgh Airport and direct rail links to the rest of the country. The annual Edinburgh Festival attracts record numbers, as does the Hogmanay street party each New Year, with over 4.3 million visitors attending Edinburgh's various festival events over 2012. [22] The Edinburgh Festivals in August alone generate in excess of £100 million for the Edinburgh economy. Another component of Edinburgh's tourist industry is business and conference tourism, which generates in excess of £74m for the city. [23] Edinburgh is the UK's most popular conference destination, ahead of both London and Glasgow. [20] Visitors are attracted by the UNESCO World Heritage Sites of the Old Town and the New Town as well as the history and culture of the city most visible in tourist attractions such as Edinburgh Castle and the Palace of Holyroodhouse.
Tourist attraction | Number of visitors | ||||||
---|---|---|---|---|---|---|---|
National Museum of Scotland | 1,893,500 | ||||||
Edinburgh Castle | 1,230,200 | ||||||
Scottish National Gallery | 961,300 | ||||||
St Giles' Cathedral | 904,400 | ||||||
Edinburgh Zoo | 810,900 | ||||||
Royal Botanic Garden Edinburgh | 704,600 | ||||||
Edinburgh Bus Tours | 511,400 | ||||||
National War Museum | 492,700 | ||||||
Scottish Parliament Visitor Centre | 345,100 | ||||||
Our Dynamic Earth | 331,800 | ||||||
Scottish National Portrait Gallery | 328,000 | ||||||
Scottish National Gallery of Modern Art | 314,800 | ||||||
Royal Yacht Britannia | 300,700 | ||||||
Scottish Whisky Heritage Centre | 270,600 | ||||||
Museum of Childhood | 237,500 | ||||||
Source: Moffat Centre Visitor Attraction Monitor 2012 |
Edinburgh is the centre of Scotland's government and legal system. As a consequence many government departments and public sector agencies are headquartered in the city as well as the High Court of Justiciary and the centres of Scotland's legal establishment. As a centre of Scots law, the legal profession has had a long presence in Edinburgh, with many premises in the New Town belonging to legal practices and firms. Many ancillary economic undertakings and political pressure groups have thus set up around this new seat of government leading to a boom in the recruitment and employment of public sector officials. The City of Edinburgh Council and the National Health Service are the two largest employers in the City.
Edinburgh is a major centre of education in the United Kingdom, and has been since the establishment of the University of Edinburgh in 1583, with another three major higher education institutions in the city developing later. Education and academic research (including medical research) plays a significant role in the economy of the city. The presence of these educational institutions also attracts many overseas students (27,005) and those from the rest of the UK (15,270). For the 2021-22 academic year, there is a student population of 74,710 enrolled across the four universities in the city. [24]
Institution | Number of students | International Students | Rest of the UK Students | ||||
---|---|---|---|---|---|---|---|
University of Edinburgh | 41,250 | 18,050 | 11,900 | ||||
Edinburgh Napier University | 15,530 | 3,635 | 1,005 | ||||
Heriot-Watt University | 11,680 | 4,135 | 1,615 | ||||
6,250 | 1,185 | 750 | |||||
[24] | Source: Higher Education Statistics Agency 2021/22 |
Life sciences and microelectronics in particular and have grown in prominence in recent years.[ when? ] The University of Edinburgh is a leader in the fields of medicine and law, and was a pioneer in British artificial intelligence teaching. Heriot-Watt University specialises in science and engineering and Napier University in the fields of computing and business, as well as creative fields.
The city is also home to a number of independent schools, with around one in five school-age pupils attending private institutions. [25]
The city is linked internationally by Edinburgh Airport (EDI) which in 2018 saw 14.3 million passengers throughout the year, [26] which makes Edinburgh Airport the busiest Scottish Airport and sixth busiest in the UK.
In terms of rail connections, Edinburgh Waverley railway station is the principal mainline station in the city serving over 22.5 million passenger journeys over 2011–12. [27]
The city is also well served by its bus service, with Lothian Buses having its headquarters in Edinburgh. Over 70 services run throughout the city, which includes a direct link to the airport and open top buses for city tours. [28]
The first phase of the Edinburgh Trams was completed in May 2014, consisting of 16 tram stops along the single 14 km (8.7 mi) line. The route linked Edinburgh Airport in the West, to York Place in the East. [29] The second phase of the Edinburgh Tram development was competed in June 2023 and added a further 8 stops from Picardy Place, which replaced the former York Place stop, to Newhaven in Leith, extending the line to 18.5 km (11.5 mi). There are plans to build new lines to Granton, the Royal Infirmary of Edinburgh, and Musselburgh but nothing is certain at the moment.
Derelict land and areas on the waterfront of Edinburgh at places like Granton and Leith are in the process of being regenerated to make way for mixed commercial, residential and industrial developments to further provide for the forecast growth of the city.
In an economic sense Edinburgh is constrained by its relatively small size, [30] and that there are economic benefits to be had with greater collaboration with surrounding areas such as Glasgow. [31] Edinburgh itself is ringed by greenbelt land, which has seen developments such as the offices at Edinburgh Park and housing and commercial developments to the south of Edinburgh spring up on it.
Edinburgh is the capital city of Scotland and one of its 32 council areas. The modern city is located between the rivers Almond and Esk on the southern shore of the Firth of Forth, in the historic region of Lothian, bounded on its southern side by the Pentland Hills. Edinburgh is the second-most populous Scottish city and the seventh-most populous city in the United Kingdom.
Glasgow is the most populous of the eight cities of Scotland and is the third-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2022, it had an estimated population as a defined locality of 632,350 and anchored an urban settlement of 1,028,220. Formed as a county of itself in 1893, the city had previously been in the historic county of Lanarkshire and has also grown to include settlements that were once part of Renfrewshire and Dunbartonshire. It now forms the Glasgow City Council area, one of the 32 council areas of Scotland, and is administered by Glasgow City Council.
Edinburgh Trams is a tramway in Edinburgh, Scotland, operated by Edinburgh Trams Ltd. It is a 18.5-kilometre (11.5 mi) line between Newhaven in Leith and Edinburgh Airport, with 23 stops.
The city of Glasgow, Scotland, has a transport system encompassing air, rail, road and an underground light metro line. Prior to 1962, the city was also served by trams. Commuters travelling into Glasgow from the neighbouring local authorities of North and South Lanarkshire, Renfrewshire, East Renfrewshire, and East and West Dunbartonshire have a major influence on travel patterns, with tens of thousands of residents commuting into the city each day. The most popular mode of transport in the city is the car, used by two-thirds of people for journeys around the city.
Edinburgh Park is an out-of-town business park in South Gyle, Edinburgh, Scotland. It is west of the city, near Edinburgh Airport and adjacent to the Edinburgh City Bypass. It was opened in 1995. The layout of the park was masterplanned by American architect Richard Meier. Edinburgh Park railway station, which is on the Glasgow to Edinburgh via Falkirk Line, opened in December 2003. Edinburgh Gateway station on the Fife Circle Line is also nearby.
Sighthill is a suburb in the west of Edinburgh, Scotland. The area is bordered by Broomhouse and Parkhead to the east, South Gyle to the north, the industrial suburb of Bankhead and the Calders neighbourhood to the west, and Wester Hailes to the south. It is sometimes included in the Wester Hailes area, while the Calders, Bankhead and Parkhead are sometimes considered parts of Sighthill. Administratively it has formed a core part of the City of Edinburgh Council's Sighthill/Gorgie ward since 2007.
South Gyle is an area of Edinburgh, Scotland, lying on the western edge of the city and to the south and west of an area of former marshland once known as the Gogarloch, on the edge of Corstorphine. Most of the buildings in the area are of recent origin, dating from the later 1980s, 1990s, and early 21st century, with the exception of some farm workers' cottages and an early 1970s council estate abutting South Gyle railway station.
The economy of Scotland is an open mixed economy which, in 2023, had an estimated nominal gross domestic product (GDP) of £211.7 billion including oil and gas extraction in Scottish waters. Since the Acts of Union 1707, Scotland's economy has been closely aligned with the economy of the rest of the United Kingdom (UK), and England has historically been its main trading partner. Scotland still conducts the majority of its trade within the UK: in 2017, Scotland's exports totalled £81.4 billion, of which £48.9 billion (60%) was with the countries of the United Kingdom, £14.9 billion with the European Union (EU), and £17.6 billion with other parts of the world. Scotland’s imports meanwhile totalled £94.4 billion including intra-UK trade leaving Scotland with a trade deficit of £10.4 billion in 2017.
Edinburgh Park railway station is a railway station in the west of Edinburgh, Scotland, serving the Edinburgh Park business park and the Hermiston Gait shopping centre. The new station building was designed by IDP Architects, and it opened on 4 December 2003. It is the first intermediate station between Haymarket and Linlithgow since 1951. Ticket barriers came into use on 25 March 2015.
Edinburgh is a major transport hub in east central Scotland and is at the centre of a multi-modal transport network with road, rail and air communications connecting the city with the rest of Scotland and internationally.
Gogar is a predominantly rural area of Edinburgh, Scotland, located to the west of the city. It is not far from Gogarloch, Edinburgh Park and Maybury. The Fife Circle Line is to the north.
Maybury is an area on the western edge of Edinburgh, Scotland, near South Gyle and Ingliston, named after the road, which is itself named after the civil engineer Sir Henry Maybury (1864–1943). In 2021, residents have been undertaking community clean ups to clear the foot paths along the road. The area is residential in the north east/east and commercial in the south and west and The Gyle Shopping Centre is nearby. In 2021, there was a consultation about creating a Primary School and Health Centre in Maybury.
The economy of Leeds is the most diverse economy of all the UK's main employment centres and has seen the fastest rate of private-sector jobs growth of any UK city and has the highest ratio of public to private sector jobs of all the UK's Core Cities. Leeds has the third-largest jobs total by local authority area with 480,000 in employment and self-employment at the beginning of 2015. Leeds is the largest legal and financial centre in England outside of London, and third largest in the UK after Edinburgh, and in 2011 its financial and insurance services industry was worth £2.1 billion. with more than 30 national and international banks located in the city. Leeds is also the UK's third largest manufacturing centre with around 1,800 firms and 39,000 employees, Leeds manufacturing firms account for 8.8% of total employment in the city. The largest sub-sectors are engineering, printing and publishing, food and drink, chemicals and medical technology. Leeds is also ranked as a gamma world city by the Globalization and World Cities Research Network; Over the next ten years, the economy is forecast to grow by 25% with financial and business services set to generate over half of GVA growth over that period with Finance and business services accounting for 38% of total output. Other key sectors include retail, leisure and the visitor economy, construction, manufacturing and the creative and digital industries.
The Glasgow Airport Rail Link (GARL) is a proposed link between Glasgow City Centre and Glasgow Airport. The original plans for an airport rail link were proposed during the 2000s to directly link Glasgow Central station with Glasgow Airport in Scotland. The link was intended for completion by 2013 and would have had a service of four trains per hour via Paisley Gilmour Street railway station.
Gyle Shopping Centre is a shopping center located in the South Gyle area of Edinburgh, Scotland. The main centre has two anchor tenants, Marks & Spencer and Morrisons, at opposite ends of the shopping centre.
The economy of Manchester is among the largest in England. Manchester is a city and metropolitan borough of Greater Manchester. It lies within the United Kingdom's second-most populous urban area, with a population of 2.55 million. Manchester's commercial centre is in Manchester city centre, focused on Spinningfields, Mosley Street, Deansgate, King Street and Piccadilly Gardens.
Edinburgh Gateway station is a railway station and interchange at Gogar in Edinburgh, Scotland, which opened on 11 December 2016. It is served by ScotRail and Edinburgh Trams, and serves both Gogar and Edinburgh Airport, to which it is connected by the tram line.
The economy of Liverpool encompasses a wide range of economic activity that occurs within and surrounding the city of Liverpool, England. With a population of over 1.3 million in its Larger Urban Zone, and a metropolitan area population of 2,241,000, Liverpool is one of the largest cities in the United Kingdom and sits at the centre of the broader Merseyside economic area, which is itself one of the two core economies of the North west of England. In 2017 the Liverpool City Region experienced the UK's highest growth in real GVA, increasing by 3.3%.
Various studies, from 1989 onwards, considered the reintroduction of trams to Edinburgh. In 2001, a proposal for a new Edinburgh Trams network envisaged three routes across the city, Lines 1, 2 and 3. Line 1 was a circular route running around the northern suburbs, with the other two forming radial lines running out to Newbridge in the west and to Newcraighall in the south respectively. All lines would run through the city centre.
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