2.8 miles from the Scottish Parliament

"No one can deny that Edinburgh's is a stunning economic success story. But, like any success story, it will come to stage when it faces a number of constraints. House price inflation, high commercial rentals and pressures on the green belt are all impacting on growth - as is the competitive labour market.


There is much, much more to come from Edinburgh and the challenge for us all is to keep the Edinburgh economy growing in the face of these and other constraints.


Central to meeting this challenge will be ensuring that Edinburgh's economy continues to diversify. Of course, the incredible success of the financial services industry dominates the city. But, Edinburghcannot rely on that sector alone.


We need to encourage more medium sized companies to grow from here. But, more importantly, we need to encourage more diversification of the local economy into high value areas like life sciences, human health and medical science.


I think one of the characteristics that typifies the success of recent years is a real confidence in Edinburgh's place as a global player.


It is the type of confidence that I don't believe exists enough in Scotland- and particularly among Scottish youngsters. That's the real lesson we can take from Edinburgh's thriving economy.


This is a small country, but that means it is small enough for us to work together with business and others to help young people believe in themselves that bit more. If we can instil that confidence in our young people as a matter of course, then we can help spread success from Edinburgh across Scotland as a whole."

Jack McConnel - MSP
30 August, 2006