Visiting Edinburgh last week, it was clear the “Armageddon year” the Scottish capital feared as a result of the banking crisis has not come to pass. The failure of Royal Bank of Scotland and HBOS was a deep blow to Scottish pride but, like London, Edinburgh has so far had a soft recession.

Ticket sales at the city’s festivals have been at record levels and, according to the city council, it is outperforming other UK cities on house prices, city centre footfall, airport passenger numbers and new business formation. Edinburghers grumble mainly about disruptive tramway construction and a binmen’s strike.