So the joyous news has been announced, and the Duchess of Cambridge has given birth again.
After rather less frenzied media coverage than last time, the Princess of Cambridge was born this morning at 8.34am.
Could the birth of a child affect the economy? Here's what happened last time…
1. Retail sales rose
In the aftermath of Prince George's birth, retail sales immediately jumped at their fastest rate in seven years. Figures published by the British Retail Consortium in August 2013 showed like-for-like sales had risen 2.2 per cent in July (when he was born) compared with the year before.
To be fair, at the time the UK had experienced an unusually balmy few weeks, which pushed up sales of barbecue equipment, swimwear and DIY equipment. But, along with Andy Murray's Wimbledon triumph, the BRC reckoned George's birth had helped create "that much-needed feelgood factor". Good timing, George.
2. Tourism went crazy
Last time around, Prince George's birth sparked a tourism frenzy, particularly from North America. Internet searches for trips to the UK rose 23 per cent year on year in the US, according to Trip Advisor. Next was Canada, where searches rose 21 per cent, while Singaporeans' interest rose 19 per cent and Chinese interest rose 18 per cent.
In 2013, 29.1m tourists visited the capital, according to official figures. That's expected to hit 32m this year.
3. The pound strengthened
It sounds over-the-top, but 10 minutes after it was announced the Duchess of Cambridge had gone into Labour, the pound began to creep up against the dollar, as this chart from Demographic Online shows.