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LONDON, ENGLAND (CBSMiami) — It is the social event everyone is talking about for 2018 – the royal wedding of Prince Harry and American actor Meghan Markle.

Experts are saying the day could generate over half a billion dollars for the British economy.

The wedding is five months away and plans for the royal occasion are feverishly underway.

Financial analysts predict the event will spark an influx of visitors similar to the one seen when Harry’s brother, William, married Kate Middleton in 2011.

“We think approximately £200 million (USD$267million) will come from tourism, travel, hotels.

About £150 million (USD$200 million) will come from people spending money, having parties and celebrating,” said Finance Expert David Haigh.

Brand experts believe the royal spectacle could add over $650 million to the British economy.

The couple says they have chosen to marry in St. George’s Chapel on the grounds of Windsor Castle because it’s “a special place for them.”

A hotel located opposite the castle has already been flooded with inquiries.

“All the local people of Windsor are really, really excited. So we are all looking forward to it. It’s going to be a massive boost for the economy,” said Andrew Lee with the Harte and Garter Hotel.

It appears shops have been cashing in too since the couple announced their engagement.

The wedding of Prince William and Kate Middleton in 2011 was declared a Bank Holiday. That’s when financial institutions close and most people get the day off work.

This time around, U.K. residents will have to go to work on the big day. Prince Harry’s wedding day has not been declared a public holiday.

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