Edinburgh's Hogmanay torchlight procession has been cancelled as organisers blame the economic climate for the decision to scrap the iconic event.

Every year thousands of people line the streets while hundreds walk through the old town to Holyrood park with flaming torches to kick off the New Year celebrations.

This year's procession was due to take place between 4pm and 9pm, but organisers have pulled the plug due to a lack of funding.

A statement from organisers Unique and Assembly said: "We have been trying hard to find a way to bring the torchlight procession into Edinburgh’s Hogmanay celebrations this year, however we are very disappointed to confirm that due to the current economic climate, and the drop in available funding, we are unable to go ahead with this event in 2022.

"Our full programme of events, including activities for families and children, will be announced later this week.

"We very much hope to bring back the torchlight procession to Edinburgh’s Hogmanay programme in 2023."

The parade has marked the start of the capital's official New Year celebrations for the past 30 years.

City council leader Cammy Day said: "I’m sure many will be disappointed that the torchlight procession hasn’t returned straight away, but we look forward to seeing it back next year, better than ever.

“Whilst I share the disappointment with many that we won’t see the return of the torchlight procession, Edinburgh’s Hogmanay will still be the best place to welcome 2023."