If the morning newspapers are any indication, the most pressing question in England right now isn't about austerity measures or cuts to social programs; it's about what Kate Middleton's wedding dress will look like when she marries Prince William.

Though the royal couple's engagement was announced only yesterday, the couple is already in the full throes of wedding planning. According to one report, the prince and his betrothed will meet royal advisers on Thursday to begin planning in earnest the highly-anticipated affair.

Alexandra Messervy, a former royal household member who helped plan the wedding of Prince Andrew and Sarah Ferguson, says the full palace will take part in the planning. The Lord Chamberlain will set up a planning committee to plan the ceremonial side, while the Master of the Household will organize the party side.

"Prince William and Miss Middleton will sit in on as many meetings as possible to ensure that their wishes are heeded as much as possible. Obviously, there is protocol to think about," she told CTV's Canada AM from London Wednesday.

Messervy says while it may be tradition for the parents of the bride to host a wedding, in this case, the Queen will likely be in charge of most of the arrangements.

"She is really one of the world's greatest hostesses. It's something that perhaps people don't realize because they think that everything is done to tradition and in a set format," she said. "But she gets very, very involved, right down to checking the tables after they've been laid and making sure the flowers are in the right position."

A date hasn't been announced, but there has been plenty of speculation. Some say August 6 or 13 are likely; others say July 9 is a good bet.

May 15 is likely out since that's the date set for the FA Cup soccer final. July 2 has also likely been struck off the list since the Wimbledon final is scheduled for that date, while June 10 is Prince Phillip's 90th birthday.

Also unanswered is where the ceremony will be held. William's parents, Prince Charles and Princess Diana, broke with tradition and married at the grand St. Paul's Cathedral in 1981. But many royal watchers say the Prince wishes his wedding to be "more low-key" and will choose the traditional royal wedding location of Westminster Abbey.

The Abbey, a gothic masterpiece, has hosted royal ceremonies for generations. The Queen married Prince Philip there in 1947, and Elizabeth Bowes-Lyon, later the Queen Mother, wed the future George VI there in 1923.

But Westminster Abbey holds painful memories for Prince William, since it is where his mother's funeral was held in 1997. Still, most are betting that will be the location.

"Westminster Abbey is almost certainly going to be the place," royal biographer Christopher Warwick told CTV from London.

"There will, of course, be the usual pomp and ceremony that befits a royal wedding. State carriages will be used, the streets will be lined by troops, the household cavalry will escort the Queen and there will of course be an escort of household cavalry for William and Kate," he said.

Messervy says the palace is likely being bombarded with calls and emails from the public – many of whom want to offer help with the wedding.

"And one of the main things that seems to be offered more than anything else is help with making the wedding cake," she says.

What many of these bakers may not realize is that given the size of the wedding and the number of guests expected, it needs to be a very big cake. A very, very big cake.

"The actual cake itself is normally fairly large, I think usually about five feet high and can weigh about 100 kilograms (160 lbs)," Messervy says.

For devoted royal watchers, the real question isn't about costs or dates or other such incidentals; it's about Middleton's dress. What will it look like? Who will design it? It's a decision that could define bridal-wear for years to come, just as Diana's 1981 poufy confection became the most-copied wedding dress in history.

Given that Middleton has emerged as a fairly conservative and demure dresser, many speculate she will opt for something traditional, such as an off-white, slim dress in a classic wedding fabric like taffeta or lace.

Bookmaker William Hill has already started taking bets on which designer she will choose. It's placing the shortest odds on Brazilian designer Daniella Helayel of Issa, a label Middleton seems to favour.

But there will also be intense pressure to choose a homegrown British designer, such as Stella McCartney or Amanda Wakeley. Then again, few brides have ever gone wrong with Vera Wang, Dior or Chanel.

Finally on the list of questions is how much the entire affair will cost. While that's still not clear, what is known is that the funds will likely come out of the Civil List -- money provided by Parliament to meet official royal expenses as well as from the Queen's household allowance and personal wealth.

British taxpayers will be on the hook for the security costs -- which will likely not be inconsequential, since the event will likely require large numbers of police to patrol.

So many questions to answer and so little time.