Festivals worth their weight in gold

As posters advertising a spectacular variety of Edinburgh Fringe and International Festival shows appear as if by magic along Princes Street, some citizens might be tempted to moan about the hoards of visitors and “luvvies” about to descend on the capital city.

But they should stop and ponder the vast sums of money generated for Scotland’s economy by these two major festivals and all the others held over the year.

The sum of £313 million for 2015, up almost a quarter from five years ago, is a much-needed cash injection and has helped provide thousands of jobs.

There can be no doubt that pulling in the crowds for a range of amazing festivals, from the red carpet frenzy of the Edinburgh International Film Festival to the Military Tattoo on the Castle Esplanade, and the Hogmanay events broadcast to global audiences, is something which our festival gurus have honed almost to perfection.

The second Thundering Hooves report, a “report card” for festivals, was published a year ago, and it warned that organisers must not get lazy or rest on their laurels, because other cities around the world want a piece of the action and are fast catching up.

But no-one in the arts world, constantly fighting budget cuts, is complacent and all have done well to maintain their lead.

With the pound going down, it should be cheaper for foreign visitors to visit Scotland and enjoy all the fun of the festivals. There could be an unexpected Brexit boost.

Not only does this mean more customers for hotels and B&BS, and trade for restaurants and shops, it also makes sure we maintain an important link with our fellow Europeans.