The newest member of the royal family, Princess Charlotte Elizabeth Diana of Cambridge, is expected to generate a £150 million annual boost for the British economy driven by a surge in retail sales.

The Princess is already thought to be worth £80 million to the economy mere days after her birth according to the Centre for Retail Research. The effect is thought to be similar to the boost her brother, Prince George’s birth brought the economy of £247 million in the first year.

Jace Tyrell, deputy chief executive at the New West End Company said: “2013 saw London welcome 17 million international visitors, and forecasts show 2015 will see even more drawn to our capital.

“A royal birth always signals great pomp and pageantry, and it is when tourists see the UK at its very best. For the businesses and attractions which help shape the experience of visitors, it is a real privilege to be part of such a special event.”

“The economic boost which will undoubtedly accompany the birth of the nation’s new Princess will bring even more cheer to a city celebrating her historic arrival – and will further secure London’s place on the global stage", she added.