Prince William and Kate Middleton are getting married on April 29 at Westminster Abbey

This announcement, in the wake of that of their engagement, ended the suspense on the location of the ceremony – it was either going t be St. Paul’s Cathedral in the heart of the City, as was the case in 1981 for William’s parents, Prince Charles and the late Princess Diana, or Westminster Abbey.

“We know that the world will be watching on the 29th of April, and the couple are very, very keen indeed that the spectacle should be a classic example of what Britain does best,” Jamie Lowther-Pinkerton, William’s private secretary, said Tuesday

He said that the costs of the religious ceremony, reception and honeymoon are paid by the two families.

For economists, the marriage of William and Kate, in a gloomy economic climate, should give a boost worth a billion dollars to the British economy through the coming of tourists and sale of souvenirs.

Westminster Abbey is the traditional place of coronation of English monarchs since William the Conqueror in the year 1066.

The current Queen and grandmother of William, Queen Elizabeth II, married there in 1947 and that is where the funeral service was held in memory of Diana after her tragic death in a car accident in Paris in 1997.

The British government has confirmed that April 29, which falls on a Friday, would be a holiday, providing the British a four-day weekend as they will also be celebrating the May Day holiday the following Monday.