Prince Harry and Meghan Markle to drop HRH titles, repay £2.4m spent on them, resume tax payment - Buckingham Palace declares

Buckingham palace has officially announced that the Duke and Duchess of Sussex are to completely give up Royal life after a 'Megxit' deal was sealed following their shock decision last week to quit their Royal roles and be financially independent.

This means Prince Harry and his wife Meghan Markle will no longer use their HRH titles

Prince Harry, the grandson of Queen Elizabeth, and his wife Meghan Markle recently announced that they will be stepping down as senior members of the Royal family saying the decision came after several months of reflection and internal discussions and it will enable them work to become financially independent.

Prince Harry and Meghan Markle also disclosed that they will be splitting their time between Britain and Canada, the North American country expected to be their second home.

The Queen of England, who has been holding meetings with her son Prince Charles and Prince Harry ever since Harry and Meghan disclosed on social media their plans to stop Royal duties, released a letter on Saturday stating that Harry, Meghan and Archie will always be much loved by members of my family.'

The Queen said in a statement:

'Following many months of conversations and more recent discussions, I am pleased that together we have found a constructive and supportive way forward for my grandson and his family. Harry, Meghan and Archie will always be much loved members of my family.'

As part of the deal between Buckingham palace and Harry/Meghan, they will repay the £2.4m spent on renovating their Frogmore cottage home.

Buckingham Palace also said under the new arrangement agreed with Harry and Meghan they are 'required to step back from royal duties' and will no longer receive public funds for royal duties, adding: 'This new model will take effect in the Spring of 2020.'

The couple, who will be known as Harry, Duke of Sussex and Meghan, Duchess of Sussex, will stop carrying out royal duties from the spring. The announcement marks the conclusion of talks about their future after days of wrangling with senior members of the family and royal aides to thrash out a deal.

This means Harry and Meghan are now free to pursue an independent life in North America where they can set their own agenda and make money how they choose. However, they have pledged to 'uphold the Queen's values'.

Prince Harry, who has been in the UK since this week while his wife Meghan is still in Canada looking for a new house, had to stay back in England and delay flying back to Canada because he is expected to continue talks on Monday, after negotiations with the Palace this week over his future, didn't bring any positive results.

The Duke and Duchess' new website sussexroyal.com has been updated following the Queen's statement, saying: 'In line with the statement by Her Majesty The Queen, information on the roles and work of The Duke and Duchess of Sussex will be updated on this website in due course.'

The change means Harry, who served a decade in the British Army, will give up his military patronages and his role as Commonwealth Youth Ambassador, but will remain a prince and sixth in line to the British throne.