UPDATE: Name of princess revealed

The Princess, who was born on Saturday May 2 at 8.34am, weighing 8lbs 3oz, will be known as Princess Charlotte.

Kensington Palace said in a short statement: “The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana.

“The baby will be known as Her Royal Highness Princess Charlotte of Cambridge.”

Charlotte is likely to be a tribute to William’s father the Prince of Wales as it is the feminine form of the name Charles.

And the middle names of the princess obviously recognise her great grandmother the Queen - Elizabeth II - and her grandmother Diana, Princess of Wales.

The name Charlotte had been a favourite with the bookies during the week but in the last few days had been pushed into second place by Alice.

But betting firms have said they would face a huge payout if any of the heavily backed top five names were chosen by the Cambridges.

The naming of the royal baby Charlotte Elizabeth Diana will be seen as a tribute to the Duke of Cambridge’s father, mother and grandmother.

Charlotte is the feminine form of Charles and William and the Duchess of Cambridge are likely to have had their daughter’s grandfather in mind when they chose it.

William has spoken of his deep respect for his father and the amount of time the prince commits to his charitable work. “I just really hold him in great admiration,” the Duke has said.

The Prince of Wales strove to protect William and Prince Harry following the death of their mother Diana Princess of Wales and backed them as they have worked to honour her memory through their charitable connections.

They, in turn, accepted and supported him when he married Camilla Parker Bowles, now the Duchess of Cornwall.

William is protective of his father, defending him against criticism he has often faced. Naming his daughter after the prince will be seen as a clear public demonstration of his love of Charles.

Charlotte is also the middle name of Kate’s sister Pippa Middleton. Nicknames for the princess could include Lottie or Charlie.

French in origin, it means “petite” and “feminine” or “free man”.

According to the Office for National Statistics, Charlotte was the 21st most popular name for girls in England and Wales in 2013. It has fallen in popularity over the last decade and was in 4th place in 2000.

The Duke and Duchess of Cambridge are likely to have chosen Elizabeth in tribute to the baby’s great-grandmother the Queen.

And Diana was always expected to feature somewhere in remembrance of William’s late mother, who died in a car crash when William was 15.

The Duke places great importance on honouring her memory, having already used Diana’s sapphire and diamond engagement ring when he proposed to Kate.

The royal couple picked the bookmakers’ favourite for their son George.

This time the bookies got it wrong. Alice - which was the name of one of Queen Victoria’s daughters and also of the Duke of Edinburgh’s mother - was their favourite for the new princess.

The betting industry is estimated to have paid out one million pounds to punters who guessed the name Charlotte, according to Ladbrokes.

Spokeswoman Jessica Bridge said: “Charlotte was the hot tip over the weekend and royal watchers up and down the land are quids in.

“We may have lost a fortune but we’re paying out with a smile and wish the Duke and Duchess all the best.”

But bookies William Hill said they were breathing a sigh of relief that William and Kate picked Charlotte, and not their favourite Alice.

Spokesman Rupert Adams said Charlotte finished as their 3/1 second favourite, with 5,096 punters correctly guessing the name and in total they would pay out just over £100,000 in the name market.

One lucky royal fan - a woman from Barnes - has won £1,400 after placing £400 on the correct name at odds of 5/2 on Saturday evening.

The spokesman said: “Charlotte was a late gamble but we have dodged a bullet as Alice, Victoria and Elizabeth would have been awful lot worse.”

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Royal fan Munever Halil, from Catford in south east London, said the name Charlotte showed William and Kate were in touch with popular modern names.

The 52-year-old, who spent several hours outside Kensington Palace trying to catch a glimpse of the young family, said: “I so much wanted the name Diana to be in there somewhere.

“I wanted it to be Elizabeth Diana, so I think it’s lovely.

“Any name will suit them because they are lovely kids. It’s perfect.

“I loved Lady Diana and I feel sad she is not here to see her two grandchildren.”

American tourist Emily Markey, 21, said she was particularly pleased with the name.

She said: “I think the name is awesome. My mum’s name is Charlotte, so go her.

“I’ve always loved Princess Diana so I’m really pleased.”

Student Jemma Large, 19, from Milton Keynes, said: “I think Charlotte is a nice modern name, and I like the homage to Diana. Obviously the name Elizabeth is nice for the Queen too, so I really like it. I think it is a good choice.”