Similarly Louise’s brother James could have held the title of His Royal Highness Prince James of Wessex.
However, prior to Louise’s birth, the Wessexes agreed with the Queen that their children would be styled as the children of an Earl rather than a Prince.
Subsequently Louise holds the title of Lady, and James holds his father’s subsidiary title as James, Viscount Severn.
As Louise is not a Princess, she was given the surname of Mountbatten-Windsor, which is a touching tribute to her great-grandfather Prince Philip.