Shortfall of up to 37,000 jobs forecast for capital

EDINBURGH is facing a dramatic shortfall of up to 37,000 jobs and £1.3 billion of physical infrastructure over the next few years, the city council has admitted.

Kick-starting stalled developments, attracting major sporting and cultural events, revamping parts of the city centre and securing new, direct air routes have been identified as key targets for the capital in the next five years.

A new economic development strategy warns that 4,000 public sector job losses are predicted until 2017, with new investment in the city “badly needed” but the council’s own resources at full stretch. It says innovative solutions need to be created to unlock investment.

The blueprint commits the council to supporting the creation of, or safeguarding, 20,000 jobs by attracting new investors, overhauling town centres and regenerating areas such as the waterfront and west Edinburgh.

Key projects include reviving the Caltongate development in the Old Town, getting the trams running, building a new Sick Kids Hospital, capitalising on Glasgow’s hosting of the Commonwealth Games and striking up new partnerships with London, Munich, Doha, Tianjin, Toronto and Mumbai.

Rose Street, George Street and Charlotte Square are to be among the main priorities in the city centre, while infrastructure improvements within Leith Docks are promised.

Tom Buchanan, the city’s economic development leader, said: “Edinburgh is a successful, resilient city. It responded swiftly to the global financial crisis and came through the recession better than other UK cities.

“But despite these strengths, the city faces a jobs challenge. Unemployment is rising and is set to worsen. By 2018 there could be up to 37,000 more people looking for work in the city than there are jobs available. The council’s resources are under huge pressure and we need to make sure we invest wisely in areas where we can make a difference.”