Economy of Edinburgh

Known primarily for brewing, banking, and printing and publishing in the 19th century, Edinburgh's economy is now based mainly on financial services, scientific research, higher education, and tourism. As of March 2010 unemployment in Edinburgh is comparatively low at 3.6%, and remains consistently below the Scottish average of 4.5%. Edinburgh is the 2nd most visited city by foreign visitors in the UK after London.

Banking has been a mainstay of the Edinburgh economy for over 300 years, since the Bank of Scotland (now part of the Lloyds Banking Group) was established by an act of the Scottish Parliament in 1695. Today, the financial services industry, with its particularly strong insurance and investment sectors, and underpinned by Edinburgh-based firms such as Scottish Widows and Standard Life, accounts for the city being the UK's second financial centre after London and Europe's fourth in terms of equity assets. The Royal Bank of Scotland opened new global headquarters at Gogarburn in the west of the city in October 2005, and Edinburgh is home to the headquarters of Bank of Scotland, Tesco Bank and Virgin Money.

Tourism is also an important element in the city's economy. As a World Heritage Site, tourists come to visit historical sites such as Edinburgh Castle, the Palace of Holyroodhouse and view the Old and New Towns. Their numbers are augmented in August each year during the Edinburgh Festivals, which attracts 4.4 million visitors, and generates in excess of £100m for the local economy.

As the centre of Scotland's government and legal system, the public sector plays a central role in the economy of Edinburgh. Many departments of the Scottish Government are located in the