Harry and Meghan's wedding will boost UK economy by $700m

The wedding of Prince Harry and Meghan Markle could boost the UK economy by up to £500million (or $700m), according to the Daily Mail.

Worldwide interest in the royal wedding is likely to mean a big increase in tourism to the UK, with visitors also expected to spend big on royal memorabilia.

The “Meghan effect” has already seen brands sell out of the bags and clothes modelled by the American, with UK and US relations also set to strengthen.

Consultancy firm Brand Finance said royal endorsements, sometimes referred to as the “Kate effect”, accounts for about £200million a year.

However that figure could be smashed by Miss Markle, who announced her engagement to Prince Harry on Monday at Kensington Palace.

A £495 handbag by British designer Strathberry's sold out on its website after Miss Markle was seen clutching it during her first public outing on Friday.

David Haigh, chief executive of Brand Finance, told the Sunday Express: 'A lot of value generated by the monarchy comes from the Duchess of Cambridge’s Midas touch and the extra sales of fashion brands that she is seen wearing.

“Meghan Markle is an accomplished actress in her own right, with a global popularity and a strong personal brand.

“It can be expected that she will join the Duchess of Cambridge as a great ambassador of the monarchy and British brands in general, especially in her native United States and in Canada where she recently lived.”

Mr Haigh said that Diamond Jubilee celebrations in 2012 boosted the British economy by £390million, thanks in part to hotel bookings and merchandise sales.

The newly-engaged couple couldn’t keep their hands off each other as they undertook their first official duties on Friday.

The pair were in Nottingham, a city that Harry has a close affiliation with, to meet members of the public together for the first time.

While it took Kate three whole months to become a fully-fledged working royal, Meghan, 36, threw herself in the deep end after just five days.

But after years working at the coal-face of showbusiness, the newest member of the Royal Family took everything in her elegant stride.

The newly-engaged couple couldn’t keep their hands off each other as they undertook their first official duties on Friday.

The pair were in Nottingham, a city that Harry has a close affiliation with, to meet members of the public together for the first time.

While it took Kate three whole months to become a fully-fledged working royal, Meghan, 36, threw herself in the deep end after just five days.

But after years working at the coal-face of showbusiness, the newest member of the Royal
Family took everything in her elegant stride.

Arriving in the city centre after travelling up from London with the Queen’s grandson by train, she jumped purposefully out of their official car and stood, arms entwined in Harry’s, as he introduced her to a handful of dignitaries.

Harry, 33, who was grinning like a Cheshire cat, then chivalrously ushered his fiancé over to the first few faces in the 1,000-strong crowd, many of whom had waited in freezing temperatures for several hours in order to catch a glimpse of them.

At first it was the prince who started the conversation, but his wife-to-be quickly caught on – and then, remarkably, took herself off to the other side of the road to greet well-wishers on her own, with all the confidence of someone who had been doing the job for years.

At numerous points during the half-hour walkabout, Miss Markle, dressed in a £585 military coat by Canadian brand Mackage, put a reassuring hand on Harry’s back, rubbing her hand up and down, with Harry returning the gesture. Both frequently looked lovingly into each other’s eyes, much to the delight of well-wishers.

Several of Harry’s most senior Scotland Yard police protection officers had been assigned to guard Miss Markle, while the prince’s assistant private secretary, Heather Wong, temporarily helped out by holding onto her £455 handbag by Scottish firm Strathberry and the many bouquets of flowers she was handed.

The glamorous actress brushed her long hair from her face and smiled broadly as she shook hand after hand.

More tactile than any other royal before her, she frequently stopped to touch people on the arm and even rubbed someone’s wrist - as if to warm them up on the cold day.