Edinburgh is one of the 32 council areas of Scotland and also its capital. Edinburgh is situated in Lothian on Forth’s Southern firth shore. Known as the capital of Scotland since the 15th century, Edinburgh is home to Scottish Parliament and also monarchy seat in Scotland. Historically this city was part of Midlothian city had been a centre of education particularly Scots Law, Medicine, Literature, Sciences and Engineering. Scotland is the second largest financial centre in the United Kingdom. The city has historical, cultural attractions have made it UK’s second most tourist destination after London. It attracts over one million visitors every year.
It is the second most populated city in Scotland. According to 2016 estimate, official population of Edinburgh was 464,990 and 507,170 for local authority area and city region it was 1,339,380 as of 2014. Edinburgh located at the core of Edinburgh and in South Eastern part of Scotland.
Edinburgh is also the venue of General Assembly of Church of Scotland. Various national institutions including National Museum of Scotland, National Library of Scotland and Scottish National Gallery. The popular University of Edinburgh was established in the year 1582. It is also well-known for Edinburgh International Festival. Various historical places are located at Edinburgh like Edinburgh Castle, Churches of St Giles, Greyfriars, Holyrood Palace, Canongate and Extensive Georgian New town established in the 18th century. It’s Old and New town together are registered in World Heritage Site of UNESCO.
Economy
Head office of Bank of Scotland is located in Central Edinburgh. Edinburgh has the strongest economy out of any city in the United Kingdom outside London. It has the maximum percentage of professionals in the United Kingdom with 43% citizens holding a degree. Edinburgh is most competitive city located in the United Kingdom. Edinburgh has highest gross value out of any city in the UK outside London measuring Euro 57,594 in 2010. Edinburgh has been named European Best Large City of Future for Foreign Direct Investment Strategy and Foreign Direct Investment in Financial Times Magazine awards 2012/2013.
In the 19th century, It’s economy was well-known for brewing, publishing and banking. Now the economy of Edinburgh’s is based on scientific research, higher education, tourism and financial services. Unemployment in Edinburgh was low at 3.6% in March 2010, and it remained below the average of 4.5%. Edinburgh is the most visited city in the UK after London.
Banking is the primary sector in Edinburgh economy for over 300 years, Scottish Parliament acts established a bank of Scotland in 1695. Now the financial services industry have particularly high insurance and investment sectors. Edinburgh is home to Bank of Scotland, Sainsbury’s Bank, Tesco Bank, TSB Bank and Virgin Money headquarters.
Tourism is also playing an important role in the economy of this city. As World Heritage Sites like Edinburgh Castle, Palace of Holy Roodhouse, Old and new towns are located here. Every year Edinburgh’s festival attracts 4.4 million visitors, and it generates around Euro 100 million for the local economy.
