Prince Harry and Meghan will no longer use their HRH titles.
A week after the couple announced plans to “step back” as senior member of the Royal Family, Buckingham Palace have released a statement.
The Palace said they will no longer receive public funds for royal duties.
Meghan and Harry also said they intend to repay £2.4m of taxpayer money for the refurbishment of Frogmore Cottage, which will remain their family home in the UK.
The couple will also no longer formally represent The Queen.
All the changes will come into effect in spring this year..
A statement from the Queen was also released, with the Monarch saying she was pleased to have come to a new arrangement.
“After 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,” the statement continued.
“I recognise the challenges they have experienced as a result of intense scrutiny over the last two years and support their wish for a more independent life.
“I want to thank them for all their dedicated work across this country, the Commonwealth and beyond, and am particularly proud of how Meghan has so quickly become one of the family.
“It is my whole family’s hope that today’s agreement allows them to start building a happy and peaceful new life.”