Prince William's, Kate Middleton's Royal Wedding Date Set

Nov. 23, 2010— -- It's finally time for millions of Britons, celebrities and foreign leaders to save the date. After a flurry of speculation, the royal family said this morning that recently engaged Prince William and Kate Middleton have set a date for their wedding.

The royal couple will be wed at Westminster Abbey Friday, April 29, 2011, according to a statement by the royal house of Prince Charles, William's father.

As one of the most anticipated events of 2011, the date will be declared a national holiday and, in addition to the thousands of guests expected to attend the wedding, millions more will be watching on television and online.

"They wanted a Friday. They wanted a spring wedding and they wanted to give the country a day off," royal expert Katie Nicholl told "Good Morning America."

But why so early? Most royal watchers were guessing the wedding would take place in the summer. Bookies had even reportedly stopped taking bets on July.

"They didn't want this to take too long," Nicholl said. "Remember, they've been together nine years. ... They were just desperate to get it over and done with."

Prior to the announcement, special attention was focused on how much the royal blowout would cost and who would pick up the tab because the island nation has been reeling from the global economic downturn and recently slashed $130 billion in spending and about 500,000 public sector jobs.

The royal family said in the statement today it would be paying for the wedding and, Nicholl said, it will be a subdued affair; at least relative to most royal celebrations.

"But let's face it, the royal family isn't short a few pennies," Nicholl said.