No longer His Royal Highness: Prince Harry's new title is a reminder of Princess Diana's post-divorce name

Britain's Prince Harry and his wife Meghan began a new life Sunday as somewhat ordinary people with financial worries and security concerns after being stripped of their royal titles and public funding.

After their departure in Spring, the two will now be addressed as Harry, Duke of Sussex, and Meghan, Duchess of Sussex. While currently, they are referred to as the Duke and Duchess of Sussex.

The titles of the two are quite similar to that of Harry’s mother, Princess Diana. Princess Diana was stripped off her title HRH title after her divorce from Prince Charles in 1996 after which she is referred to as Princess of Wales.

According to a statement from Buckingham Palace, Prince Harry and Meghan’s deal with come into effect by spring in a few weeks' time, means the couple will no longer be representing the Queen in an official capacity.

"The Sussexes will not use their HRH titles as they are no longer working members of the royal family," Buckingham Palace said in a statement on Saturday night.

Queen Elizabeth II said the agreement followed months of discussions and was a "constructive and supportive" way forward for her grandson and his family.

"Harry, Meghan and Archie will always be much loved members of my family," the 93-year-old monarch's personal statement read.

"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 says, thanking the couple for their work for UK and across the Commonwealth.

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In a special message for Markle, she said: "I 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".

The palace confirmed that the couple were required to withdraw from royal duties, including official military appointments.

"While they can no longer formally represent the Queen, the Sussexes have made clear that everything they do will continue to uphold the values of Her Majesty," the palace said.

It added that the pair would continue to maintain their private patronages and associations.

The couple intend to repay 2.4 million pounds of UK taxpayer money for the refurbishment of Frogmore Cottage, which will remain their UK family home as they split their time between Britain and Canada.

Harry, 35, and Meghan, 38, issued their own update on their official Sussex Royal website, which has been updated to remove references to the HRH titles on the opening page.

"We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages.

"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 statement on their website reads.

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