Fantasy economics of George Street transformation - Susan Dalgety

The full revamp of George Street would see the current parking down the centre of the street removed, buses rerouted, the pavement widened and vehicles excluded for most of the day. | supplied

He points to the scheme’s latest budget as proof for his courageous forecast. It started at £28m, jumped to £40m and in a report to be considered by councillors this week, has gone back down to £35m.

And he predicts that the £8.5m cost of diverting utility pipes and cables under George Street is likely to come down even further. “As we go through the process…I think costs are more likely to decrease than increase…” he told this newspaper.

What planet is he on? Does he know nothing of the city council’s history in major infrastructure projects?

The Edinburgh Trams project was £400m over budget and five years late. Even the public inquiry into that debacle took nine years and cost £13m.

When work on North Bridge started in 2018, it was estimated to cost £22m. It is now thought the final bill will be nearly four times that at £85m and it will be two years late.

And while the Scottish Parliament building was not the responsibility of the city council, it too was over budget. The original estimate of £40m was £414m by the time Holyrood opened its doors, three years late.

There is no way the George Street project will come in at £35m or even £40m, unless the scheme is pared back to the bare bones. But as Cllr Jenkinson says, “if a project is worth doing, it is worth doing right.”

George Street is one of the finest streets in Scotland. It has the potential to be one of the best in the UK. I am all for turning it into a car-free zone, though I am less enamoured that it has been dubbed a “cycle street”. Do transport officials realise the speed of Deliveroo cyclists?

I hope I am wrong. If Cllr Jenkinson brings the full scheme in at £35m or less, I will happily buy him a drink in one of George Street’s upmarket bars. I may even stretch to a bottle of champagne. But somehow, I think my money is safe.