Deputy Prime Minister Nick Clegg has offered his congratulations to the Duke and Duchess of Cambridge after the birth of their son yesterday.
He said: "This is wonderful news. Miriam and I were absolutely delighted when we heard news and we want to send our heart-felt congratulations".
"It's news that will make the country smile", he added.
ITV News' Business Editor, Laura Kuenssberg, looks at how the royal baby could provide a much needed boost to the economy.
As news of the royal birth is celebrated around the globe a flood of souvenirs and memorabilia will go on sale to mark the occasion.
In London and around the world politicians, celebrities and members of the public have been celebrating the news of the royal birth.