By Jonathan Davies

The Duke and Duchess of Cambridge have named their new baby girl Charlotte Elizabeth Diana.

The new Princess, born on Saturday, will be known as Her Royal Highness the Princess of Cambridge.

After various figures have been reported, the UK Centre for Retail Research has estimated that the new Princess will add around £150 million to the UK economy each year, totalling £1 billion by the time she's six years old.

In an interview with City AM, the Centre of Retail Research director Professor Joshua Bamfield said the UK can expect an £80m rise in retail spending as a result of the birth. A further £27m will be spent on commemorative items like coins, teapots and mugs etc. Things like themed cakes will bring in an extra £25m for the economy and a further £28m would have been spent on alcohol to celebrate the birth.

Prince George brought in an estimated £400m for the British economy, but Professor Bamfield believes a Royal baby girl will bring more money for the economy in the long-term.

He said: "The longer-term implications for the UK babywear, childrenswear and fashion businesses could be worth £150m per annum, with the new princess studied and emulated by parents all over the world."