Prince Harry and his wife Meghan Markle are set to drop their Royal Highness titles following their dramatic decision to step back from their royal duties, the British Broadcasting Corporation (BBC) has reported.

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What's more, they will repay the 2.4 million pounds of taxpayers' money used to refurbish their Windsor home and will not receive any money from the public purse to support their lifestyles.

The queen expressed her approval for the decision that the couple had taken and wished them all the best as they started their new lives.

In her much-anticipated speech, the queen acknowledged the challenges that Harry and Meghan had faced by virtue of being a royal couple.

“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," the queen said, as quoted by the Guardian newspaper.

“Harry, Meghan and Archie will always be much-loved members of my family. 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, " she added.

The two, it is understood, will spend much of their time in North America, the Independent reports.

Details of their security arrangement remain a closely-guarded affair. 

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