“strategic approach” to coping with rising lodging prices in Edinburgh is required, the boss of the world well-known Edinburgh Festival Fringe has insisted, branding hovering payments within the capital as being the “grim reaper”.

Shona McCarthy, the chief government of the Edinburgh Festival Fringe Society, complained concerning the “dreaded rising cost of accommodation in Edinburgh”.

Ms McCarthy spoke out as she instructed MPs on Westminster’s Scottish Affairs Committee that artists and venues concerned with the Fringe have been nonetheless struggling financially on account of the Covid pandemic.

The occasion boss stated: “There is no one across the Fringe landscape who is not still in a recovery position, not still carrying debts and deficits from just surviving Covid.”

In the final eight years now we have 90 totally different situations of overseas governments investing in us, however the identical isn’t stated for Scottish Government colleagues or our UK Government colleagues

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Speaking concerning the rising prices that performers and others should pay for lodging within the metropolis, Ms McCarthy stated: “That is definitely my grim reaper at the moment, and I think we need an Olympic response.”

Earlier this yr, Festivals Edinburgh, which brings collectively the bosses of the town’s numerous festivals, warned they have been dealing with  an “economic shock” on account of new short-term letting rules.

Ms McCarthy stated whereas they have been “very supportive of the short term lets legislation” – which entails new licences having to be awarded for properties rented out on a brief time period foundation – she added it had “unintended consequences – particularly for artists”.

She stated: “It is something that we need a strategic approach to address in a real way if we are to continue to host such a major event every year.”

Her feedback got here as she instructed MPs that each the Scottish and UK Governments may do extra to assist the festivals, which are a magnet for tens of 1000's of performers and vacationers to Edinburgh in August.

Ms McCarthy stated: “I think there is still huge opportunity both to invest in the festivals locally, because at the minute I think we all operate on shoestrings, we all operate on a huge amount of good will.

“Our marketing budgets are miniscule and yet we have these global reputations. There is an enormous amount the Scottish and UK Governments could do to promote the festivals overseas.”

Meanwhile, Francesca Hegyi, the chief government of the Edinburgh International Festival, stated this was the primary yr they'd acquired monetary assist from the UK Government – regardless of having being based in 1947.

She stated: “In the last eight years, we have 90 different instances of foreign governments investing in us, but the same isn’t said for Scottish Government colleagues or our UK Government colleagues.”

She described the summer time festivals within the capital as being “enormous”, describing them as being “second only in size to an Olympic Games” – however including that not like the sporting match they occur yearly.

Ms Hegyi instructed MPs: “If you think of the effort that goes into staging a Commonwealth Games or even Eurovision over the weekend, it is sort of taken for granted we will happen every single year.”

With some locals having voiced concern concerning the influence the festivals have on the capital, she conceded there was an “uncomfortable relationship” between the occasions and native authorities.

But she insisted: “We all need to get around the table and work out what is a sustainable future, including sustainable tourism for Edinburgh and for the festivals.

“Because if we don’t, some of the festivals won’t be there in the next five years.”

In February, Festivals Edinburgh voiced fears that the introduction of licences for Airbnb-style lets may lead to a 3rd of the general Fringe programme being misplaced.

In its written submission to MSPs, it famous the Fringe Society had made the “conservative estimate” {that a} third of its programme for 2024 might be misplaced with this “representing a minimum of £30 million in additional economic impact and nearly 700 FTE (full time equivalent) jobs in the first year alone”.