Capital's annual revels are secure thanks to help from the taxpayer

EDINBURGH'S Hogmanay celebrations are secure for the forseeable future - despite taxpayers having to fork out more than £1 million to ensure the celebrations go ahead.

The four-day programme of events in the city, which traditionally starts with a torchlight procession through the capital, is thought to be worth at least 27m to the city's economy.

However, the festivities cost at least 2.6m to put on, with the bulk of the cost tied up with the street party on Hogmanay.

The city council reduced its capacity from 100,000 to 80,000 over the last two years in a bid to keep costs down and in the wake of a slump in ticket sales. However, a recent report ruled out trying to relocate the main event elsewhere, claiming Princes Street was the "only viable option" for an iconic event capable of attracting global TV coverage.