Chamber of Commerce plays key role linking business and policy makers - Liz McAreavey

With an accounting background I have always been eager to delve into the numbers, so the latest edition of ‘Edinburgh by Numbers’ was welcome reading.

Liz McAreavey, CEO at Edinburgh Chamber of Commerce

The publication, which features research compiled on behalf of The City of Edinburgh Council, provides us with a data-driven snapshot of Scotland’s capital, benchmarked against other major UK cities. And the latest issue, covering the period 2021-22, reveals that the city is performing pretty well, with a resilient economy and citizens who live longer and healthier lives than their counterparts elsewhere.

The encouraging figures speak for themselves. Our city boasts the highest GVA per capita, reflecting a healthy economy.

With above-average wages and a significant reduction in unemployment, down by 50 per cent in the last decade, the city also benefits from a highly educated workforce, with a higher proportion of degree-level employees than other cities.

Our airport has made a strong recovery, with 11.3 million passengers in 2022 compared to just 3 million in 2021, and we also have the highest business survival rates of any major city outside London, with 42.3 per cent of businesses surviving more than their first five years.

Another standout trend is the continued growth in the city's population, which has increased by over 10 per cent in the past decade to more than 526,000. Much of this growth can be attributed to an influx of migrants, with over 40,000 arriving in the last ten years.

The figures also show that Edinburgh has the highest life expectancy and healthy life expectancy of any UK major city, as well as the most “green flag” parks, a higher number of low emission vehicles, and more Michelin-starred restaurants than any comparable city.

Despite all these positive developments, there is still much more we can and should do. While the numbers suggest a bright future, we must continue to build on them and ensure everyone benefits from this success.

All young people should have access to opportunities and digitisation should be a level playing field, avoiding disadvantage to those who aren’t digitally literate. So there is much to celebrate but we cannot become complacent that this will always be the case.

The biggest threat is a lack of urgency and there is a palpable undercurrent of concern within the business community that, although things are moving in the right direction, we are far from out of danger.

Proposed legislation and regulation from UK and Scottish governments, while well-intentioned, may create barriers for businesses that are still recovering from the challenges of the past few years.

Some of these proposals have been put on pause by the new First Minister, Humza Yousaf, which is encouraging.

However, the time gained must be used well to make improvements to flawed proposals such as the Deposit Return Scheme and a potential ban on alcohol marketing.

Improving legislation that affects our ability to trade and enjoy the benefits of a successful and

resilient economy requires more consultation and engagement with business. Business

organisations, like the Chamber, play a vital role in linking businesses with policy-makers, conductingresearch, advocating and influencing policies that create the best possible place to do business.

Baroness Martha Lane Fox, President of British Chambers of Commerce and one of the UK’s mostinfluential business leaders, recently highlighted the enormous disparity between the number of UKbusinesses who trade internationally, and the far higher proportion of Chamber members who doso.

Through our own efforts, and those of British Chambers of Commerce and Scottish Chambers of Network, we continue to work on behalf of our members to create a robust but supportive policy environment in which our businesses can grow and flourish. In turn, creating well-paid jobs for a well-educated workforce, in sustainable industries that benefit our environment, not surprisingly means we have a healthy and happy city.

Liz McAreavey, CEO at Edinburgh Chamber of Commerce