Britain's Prince Harry and his wife Meghan Markle are to give up their royal titles, according to multiple reports by media outlets in the United Kingdom.

Buckingham Palace on Saturday released a statement saying the Duke and Duchess of Sussex are to no longer use their HRH titles "as they are no longer working members of the Royal Family" as discussions about their future roles came to an end.

The couple will also repay about £2.4 million of taxpayer's money spent on renovating their home in Berkshire.

"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 in the statement.

"Harry, Meghan and Archie will always be much loved members of my family.”

According to the statement, the new model will come into effect in the spring of 2020.

Earlier this month, Prince Harry and Meghan Markle surprised both Buckingham Palace and the public by announcing they are to step back from their roles as part of the country's royal family.

The logistics of the Sussexes' decision have been questioned by experts – such as how the couple will fund their "financially independent" future, and their potential carbon footprint, should they frequently travel between the UK and North America.

Source(s): Sky News