Kate, William to Wed at Westminster Abbey?

Westminster Abbey may be emerging as the most likely site of Britain's royal wedding.

Now that Prince William and longtime girlfriend Kate Middleton are finally engaged, the big remaining questions are when and where they'll tie the knot.

Spring or summer is seen as the probable time.

And, reports CBS News Correspondent Elizabeth Palmer, the central London landmark may have the edge as the location.

The Daily Mail newspaper published a front-page photo Thursday of Middleton leaving the abbey after an evening visit.

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"There's absolutely nothing in the Daily Mail picture, or Kate's expression, to say Westminster Abbey has actually been chosen, Palmer points out, "but history makes it a strong contender."

Queen Elizabeth was married there in 1947, as was her mother - William's great-grandmother -- in 1923.

Another possibility in the guessing game, St. Paul's Cathedral, may be second-favorite, Palmer says, since it was the backdrop for the wedding of William's parents, Prince Charles and then-Lady Diana. Their marriage ended in a very messy divorce.

Once they've decided where, the royal couple will have to decide on how big.

They're aware that Britain is suffering through its deepest recession since the World War II.

It's thought that the Queen and Prince Charles would foot most, if not all of the bill for a lavish affair.

So, Kate's parents wouldn't.

Taxpayers could be left with a $30 million tab for security, Palmer notes.

Still, she says, many Britons are in the mood for a party.

"I think," one remarked to CBS News, "relative to the size of everything else, compared to the bank bailout, it's going to be a fraction, and it's going to be such a good day."

"Everyone will be so happy," said another.

But there are others who want to see restraint.

"We got married for 10 pounds," one Brit notes.

Retailers are already gearing up for what they hope will be a bonanza. In fact, it's started: The blue dress Kate wore for her first public interview is flying off the racks.

Some optimists even think a blowout royal wedding could re-float the whole economy!

"It could well trigger an improvement in depressed morale," says financial analyst David Buik. "... (It will be) a fantastic social occasion that will affect everybody in the United Kingdom and billions of people around the world. I cannot think of a better excuse to gird up your loins and be positive about life."

Souvenir manufacturers haven't wasted a second, Palmer said, holding what she says are "the first royal wedding mugs. They haven't got a date on them yet, obviously, but that in itself could make them collectors' items."

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A Look Back at Charles and Diana's Wedding
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