While Europe’s spirits sank under fresh worries of financial meltdown in Ireland and Portugal, a small spark of good news made the headlines.

Prince William and Kate Middleton are set to tie the knot, after a long on and off relationship. The Second in line to the throne proposed to Ms Middleton while they were on holiday and she accepted. With the UK mired in recession and austerity, the Royal Wedding is a worry for budget planners, but while the ceremony will be lavish , it is understood that this will be kept in mind.

The Royal Family are understood to approve of Ms Middleton, the daughter of self made millionaires. Even Princess Diana has not been excluded as the Prince revealed that he proposed with his mother’s engagement ring. A doting son, he remarked that seeing as she is not around to share in all the fun and excitement, this was his way of keeping her involved. Tongue in cheek, he also remarked that it is a “very nice ring”.

The two are likely to wed in St Paul’s Cathedral or Westminster Abbey, though both contain ghosts. One venue is where the Prince’s parents were married and the other is where his mother’s funeral was held.

Of course, there will also be the issue of Kate choosing a title. William is second in line to the throne and cannot be the Prince of Wales – at least not until his father becomes King. If William were to be given the title Prince of Wales, it is unlikely that Kate would want to assume the title of Princess of Wales, given the strong connections that it has to Diana.

But these are trivialities. Britain does need something to lift the sense of gloom which prevails and a Royal Wedding could be just the trick. The bunting will be out, the crowds will line the streets and Britannia can raise the mighty Union Jack once more. The wedding might also give a boost to the economy and raise the general feel-good factor. Prince William is adored by the British public and his wife to be has a lovely, charming and unassuming manner that is uncannily similar to the manner of Diana Spencer on her wedding day in 1981.

Perhaps the major difference is that Kate Middleton knows what happened to Diana, and she knows why it happened and she is determined to be her own person and to forge her own identity. They are to wed next Spring, and who could do anything but wish them all the luck in the world.