Harry and Meghan will no longer use 'royal highness' titles or receive public funds for royal duties

Jan. 18, 2020, 1:50 PM EST

By Minyvonne Burke

Prince Harry and Meghan Markle will no longer use "royal highness" titles and won't receive public money for their public duties, Buckingham Palace said Saturday.

The announcement comes after the couple announced plans to "step back" from their roles as senior members of the British royal family and live a more independent life.

"Harry, Meghan and Archie will always be much loved members of my family," Queen Elizabeth II said in a statement. "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 Queen said she hopes that Harry and Meghan will be able "to start building a happy and peaceful new life."

Earlier this month, the couple said in a statement, which was posted on their Instagram account, that they plan to split their time between the United Kingdom and North America.

"This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity," the couple said.

This is a breaking story. Check back for updates.

Minyvonne BurkeĀ is a breaking news reporter for NBC News.