Chamber demands devolved powers for capital – Daily Business

Liz Mcareavey: unlocking benefits (pic: DB Media Services)

Edinburgh should have a mayoral system with devolved economic powers to recognise that when the capital does well, the country benefits, according to the city’s Chamber of Commerce.

In a new policy paper it argues that strengthening and accelerating plans for greater regional economic devolution so Edinburgh and South East Scotland “can shape our own economic future based on specific regional needs.”

This includes Scottish Government support for a Next Generation Edinburgh and South East Scotland City Region Deal (ESESCRD) to continue and evolve the work of the existing deal beyond its current conclusion date.

“A ‘one-size-fits-all’ national approach cannot fully respond to the unique economic
strengths, challenges and opportunities of Edinburgh and its surrounding City Region,” it sauys.

“Greater local decision-making would enable targeted investment in infrastructure, housing, skills, innovation and priority industry sectors that drive productivity and inclusive growth.

“As Scotland’s capital and a major economic engine, empowering the region to act quickly
and strategically will benefit both the regional and national economy.”

More support is needed to retain graduates, says the report (pic: DB Media Services)

It adds that the creation and evolution of Mayoral Combined Authority areas such as Greater Manchester and Liverpool City in England “shows the power of what can be achieved when regional economic autonomy is enhanced.”

The report calls for greater help with retaining immigrant graduates to are often lost, and more support to unlock private capital from pension funds, institutional investors and patient capital particularly for housing and innovation infrastructure.

Liz Mcareavey, chief executive of the Edinburgh Chamber of Commerce, says that at the heart of the vision “is a simple truth: when Edinburgh succeeds, Scotland succeeds.

“As our capital city, and a global hub for finance, technology, education and culture, Edinburgh and our wider City Region is one of the principal engines of the Scottish economy.

“By fuelling its continued growth — investing in connectivity, housing, skills, innovation spaces and international competitiveness — we do not concentrate opportunity in one place; we generate momentum that benefits every region.

“A stronger Edinburgh region means more tax revenue for public services, more supply-chain opportunities for businesses across the country, and a stronger global profile for Scotland as a whole.

“By backing Edinburgh’s continued success as a globally competitive capital, investing in the infrastructure and skills that power innovation, and working in genuine partnership with business, government can unlock benefits that extend far beyond the city’s boundaries.”

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