London– Britain’s Prince Harry and his wife Meghan have agreed to give up their royal titles and stop receiving public funds as part of a settlement with the Queen that lets them spend more private time in Canada.

The announcement from Buckingham Palace on Saturday follows more than a week of intense private talks aimed at managing the fallout of the couple’s shock decision to give up front-line royal duties, AFP news agency reported.

“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,” Queen Elizabeth II said in a statement.

“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.”

“As agreed in this new arrangement, they understand that they are required to step back from Royal duties, including official military appointments. They will no longer receive public funds for Royal duties,” the statement said.

The Duke and Duchess: pic.twitter.com/obTPdhwTrP

— The Duke and Duchess of Sussex. (Parody) (@PHarry_Meghan) January 18, 2020

The settlement added that the two will also repay £2.4 million ($3.1 million) of taxpayer’s money spent on renovating their Frogmore Cottage home near Windsor Castle.

The new arrangement comes into effect in spring this year, a BBC news report said quoting the palace. The statement comes after the Queen held talks with the couple on Monday about their future, following their announcement that they wanted to “step back” as senior royals.

The Queen said following “many months of conversations and more recent discussions” 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 statement continued.

She thanked them for their “dedicated work”, adding that she was “particularly proud of how Meghan has so quickly become one of the family.”

‘Global Trademark’

Harry and Meghan are seeking to register the “Sussex Royal” brand as a global trademark for their future enterprises, reports said.

The couple is dedicated to environmental causes and is looking to develop their charitable foundation as part of a “progressive” new role.

The queen’s announcement is her second on the royal crisis — dubbed Megxit in reference to to Britain’s protracted Brexit saga — ahead of Harry and Meghan’s effective resignation on January 8.

“We have chosen to make a transition this year in starting to carve out a progressive new role within this institution,” the couple said at the time.

“We now plan to balance our time between the United Kingdom and North America.”

Meghan then jetted back to Canada and is now their with their son Archie.

Their announcement caught the royal family off guard and created a media sensation in both Britain and the wider world.