Meghan Markle and Prince Harry will reportedly no longer get to use their HRH (or His/Her Royal Highness) titles and will not receive public funds for their royal duties.

Buckingham Palace has announced that the couple will no longer formally represent The Queen and will come into effect in the spring.

The Duke and Duchess of Sussex also intend to repay £2.4m of taxpayer money for the refurbishment of Frogmore Cottage, which will remain their family home in the United Kingdom.

The statement comes after senior royals began holding talks on Monday (January 13) about what Meghan and Harry’s future role with the royal family would be. The couple announced they wanted to “step back” as senior royals.

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According to Queen Elizabeth II, the new agreement comes after "many months of conversations and more recent discussions" and she was "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 queen’s statement continued. "I recognize 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.”

The statement continues: "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."

According to the BBC, the palace said it would comment on what security arrangements would be in place: 

The announcement marks the conclusion of talks about the couple’s future and their aides.