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Even the royals are feeling the pinch, with Queen Elizabeth's state funding frozen once again at 1990 levels and the staff Christmas party scrapped.
But a once-in-a-generation royal wedding of the 28-year-old second-in-line to the throne and his attractive girlfriend, complete with the glamour of a state occasion and the whirlwind of excitement surrounding it, should provide a splash of colour in the gloom.
"It's great to have a piece of unadulterated good news that everyone can celebrate," Prime Minister David Cameron said when asked about the need for Britain to pull together.
He said it would be a "great day of national celebration".
The boost in productivity surrounding nationally-shared events is well documented, from royal weddings to a good run for England at the football World Cup.
Deputy Prime Minister Nick Clegg spoke about what the occasion would mean for Britain in the so-called age of austerity.
"There are lots of things which people are getting a bit gloomy at the moment but what I think is so wonderful is that everybody will be united in delight and joy about this," he said.
David Cottle, a columnist with Dow Jones Newswires, said that with Britain "in trouble... it's time to play the last ace".
"A royal wedding will be a big money spinner for a UK economy somewhat short of them," he wrote.
"Think of the memorabilia, the magazines, the tourist tat adorned with pictures of the happy couple; billions of pounds worth coming right up."
Aynsley China said it had immediately begun manufacturing special fine bone china pieces.
"We have had the designs prepared for some time but were just waiting for an announcement," said sales director John Wallis.
"Royal weddings are always very popular with collectors all over the world."
The Royal Crown Derby porcelain firm has prepared designs but is waiting for a wedding date to be named.
"Spending has been down and we need something like this to make people feel they can go out and buy something to mark a special occasion," said marketing director Simon Willis.
Previous big royal occasions, such at that of William's parents Prince Charles and Lady Diana Spencer in 1981, Queen Elizabeth's coronation in 1953 or the jubilees of 1977 and 2002, have seen huge celebrations across the country.
Such events also generate greater interest in the royals, who are one of the biggest draws for foreign tourists visiting Britain.
Sandie Dawe, chief executive of tourism agency VisitBritain, said the wedding would be "an enormous boost for the British tourism industry".
Monarchy-related attractions typically generate well over 500 million pounds (800 million dollars, 600 million euros) a year for the British tourism industry, she said.
"We would expect that in a royal wedding year we would do even better than that.
"Millions of people around the world are certain to see the wedding as the perfect moment to come to Britain to see the young royals."
The news came as British annual inflation hit a four-month high of 3.2 percent in October, far higher than the Bank of England's target rate of 2.0 percent as the economic recovery slows.
Cameron's government last month unveiled the country's harshest spending cuts in decades.
It plans to axe half a million public sector jobs as it seeks to slash Britain's record deficit totalling almost 155 billion pounds.
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But a once-in-a-generation royal wedding of the 28-year-old second-in-line to the throne and his attractive girlfriend, complete with the glamour of a state occasion and the whirlwind of excitement surrounding it, should provide a splash of colour in the gloom.
"It's great to have a piece of unadulterated good news that everyone can celebrate," Prime Minister David Cameron said when asked about the need for Britain to pull together.
He said it would be a "great day of national celebration".
The boost in productivity surrounding nationally-shared events is well documented, from royal weddings to a good run for England at the football World Cup.
Deputy Prime Minister Nick Clegg spoke about what the occasion would mean for Britain in the so-called age of austerity.
"There are lots of things which people are getting a bit gloomy at the moment but what I think is so wonderful is that everybody will be united in delight and joy about this," he said.
David Cottle, a columnist with Dow Jones Newswires, said that with Britain "in trouble... it's time to play the last ace".
"A royal wedding will be a big money spinner for a UK economy somewhat short of them," he wrote.
"Think of the memorabilia, the magazines, the tourist tat adorned with pictures of the happy couple; billions of pounds worth coming right up."
Aynsley China said it had immediately begun manufacturing special fine bone china pieces.
"We have had the designs prepared for some time but were just waiting for an announcement," said sales director John Wallis.
"Royal weddings are always very popular with collectors all over the world."
The Royal Crown Derby porcelain firm has prepared designs but is waiting for a wedding date to be named.
"Spending has been down and we need something like this to make people feel they can go out and buy something to mark a special occasion," said marketing director Simon Willis.
Previous big royal occasions, such at that of William's parents Prince Charles and Lady Diana Spencer in 1981, Queen Elizabeth's coronation in 1953 or the jubilees of 1977 and 2002, have seen huge celebrations across the country.
Such events also generate greater interest in the royals, who are one of the biggest draws for foreign tourists visiting Britain.
Sandie Dawe, chief executive of tourism agency VisitBritain, said the wedding would be "an enormous boost for the British tourism industry".
Monarchy-related attractions typically generate well over 500 million pounds (800 million dollars, 600 million euros) a year for the British tourism industry, she said.
"We would expect that in a royal wedding year we would do even better than that.
"Millions of people around the world are certain to see the wedding as the perfect moment to come to Britain to see the young royals."
The news came as British annual inflation hit a four-month high of 3.2 percent in October, far higher than the Bank of England's target rate of 2.0 percent as the economic recovery slows.
Cameron's government last month unveiled the country's harshest spending cuts in decades.
It plans to axe half a million public sector jobs as it seeks to slash Britain's record deficit totalling almost 155 billion pounds.
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