Princes Street will be 'major priority' for tourist tax fund
The 5% tax on overnight stays, capped at five nights, will apply to bookings from 24 July 2026. Hotels, B&Bs, hostels and holiday rentals will need to apply the charge to advance bookings on or after this date from the start of October this year.
It's estimated that, once established, the UK's first mandatory city-wide scheme will raise up to £50 million a year to "invest in protecting, supporting and enhancing Edinburgh's worldwide appeal as a place to live and visit," according to the council.
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Projects the funding is expected to support include new public toilets, improvements to parks and greenspaces, affordable housebuilding, graffiti removal and installation of underground bins. Of the total annual funds generated 2% will be set aside for three improvement projects a year in the city's most deprived communities, with ideas put to local residents in a public vote. A further 2% will be reimbursed to accommodation providers 'to off-set the administrative cost incurred from operating'.
Many of Princes Street's run-down buildings are currently undergoing major transformations, including the redevelopment of the former Jenners and Debenhams department stores as a hotels, showing a revitalisation is already well underway.
However for many there remains a glaring need for public realm improvements along the length of the throughfare, with its broken, uneven paving, grime, and an aging streetscape which often contribute to an unpleasant pedestrian experience.
Cllr Meagher said: "Edinburgh is one of the easiest places to walk around as opposed to any other way of getting around the city, but there's no doubt the pavements on Princes Street are in a shocking state.
Princes Street, Edinburgh (Image: Colin Mearns) "That £50m anticipated from the visitor levy has been spent many, many times over in people's imaginations.
"But I think it would be hard not to justify something to be done on Princes Street on things like improved lighting.
"I would definitely anticipate that Princes Street would be a major priority. Everybody wants to see that fantastic view of the castle and the skyline and it's truly remarkable.
"Princes Street on the retail side at the moment is in the process - and I know it's slow inevitably - of changing into a street where folk would be lingering over coffees and meals. And we need a public realm that goes with that.'
A revamp of Princes Street will be included in a "menu" of choices for the first round of TVL investment being put to councillors later in the year.
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But Edinburgh Council's chief executive, Paul Lawrence stressed officers will be looking for "a balance between the city centre and other parts of the city in the visitor levy proposals".
He told The Herald: "If we say it should all be spent on one square mile we know what the political reaction would be.
"What we are working on is basically everything we have heard from communities and elected members and others over the years to go 'what does a balanced package of investment look like?' so we can hopefully get political support for that later in the year.
"Whether members want to spend the money on paving Princes Street or somewhere else, we will put forward a menu of choices forward later in the year."
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