Royal Wedding Expected to Boost British Economy

The wedding of Prince William and Kate Middleton is expected to give a serious boost to the British economy. Photo by EPA/BGNES

The royal wedding of Price William and Kate Middleton is expected to bring GBP 1 B to the British economy through sales of souvenirs and growth of the tourism industry, according to retail researchers.

William and Kate, both 28, announced their engagement in November. They have been dating for eight years.

Since Britain is facing sharp cuts in public spending, officials have announced that the couple is aware of the economic situation in the country and that both the royal family and the bride's family will jointly pay for the service, reception and honeymoon.

It has already been disclosed that the wedding will take place on April 29 at the Westminster Abbey. After the service, the couple will return to the Buckingham Palace, where Queen Elizabeth II will hold a reception for the guests.

UK Prime Minister, David Cameron, has confirmed that April 29 will be public holiday in Britain.

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