Prince Charles to financially support Prince Harry and Meghan Markle

The royal family has reached a decision regarding Prince Harry and Meghan Markle's future roles, including the financial aspects.

The Sussexes have stepped down as senior royals in the family, meaning Harry and Meghan will cease royal duties and will no longer be referred to as "His/ Her Royal Highness".

It also means that from spring 2020, they will no longer receive public funding that comes with working as a royal.

According to royal reporter Omid Scobie, Harry's father Prince Charles will "still continue to offer private financial support" to the couple.

It's believed The Prince of Wales will still provide money to Harry and Meghan annually from the Duchy of Cornwell, a portfolio of land he manages.

The vast private estate has provided funds to members of the royal family for 700 years.

Royal reporter Emily Andrews tweeted: "Last year, Harry & William shared around £5 million (AUD $9.4 million) with an estimated £2.3 million (AUD$4.3 million) going to Harry & Meghan".

The Duchy of Cornwall website states "the Prince of Wales chooses to use a substantial proportion of his income from the Duchy estate to meet the cost of his public and charitable work as well as the public and private lives of his family, The Duchess of Cornwall, The Duke and Duchess of Cambridge and The Duke and Duchess of Sussex, and their children."

The statement released from Her Majesty also mentioned the renovations to the Sussexes' Windsor residence, Frogmore Cottage, which were paid for by taxpayers.

Harry and Meghan are going to pay back the millions spent on the refurbishments, which is estimated to have cost AUD$4.5 million (£2.4 million).

The Duke and Duchess will also no longer formally represent the Queen at events, but Her Majesty said in the official statement that "Harry, Meghan and Archie will always be much loved members of my family."

Other details such as the couple's security arrangements will be shared at a later date.