The 'Great Kate Wait' in reference to Kate Middleton's long-awaited labour moved on to a waiting game to find out the name of Britain's newest baby princess who was born on Saturday.The baby girl was presented to the waiting cameras outside the Lindo Wing of St Mary's Hospital in London after a quick two-hour labour.She then drove off with mum Kate and dad Prince William to spend her first night at her Kensington Palace residence nearby.Charlotte has now emerged as the bookies favourite name for the new royal baby, edging closer to previous favourite Alice.The other names doing the rounds include Olivia, Elizabeth and Diana, after the baby's late grandmother Princess Diana.See the pics of the royal baby...