Below is the full statement posted on the website of Prince Harry and Meghan, the Duke and Duchess of Sussex.

"After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution. 

"We intend to step back as "senior" members of the Royal Family, and work to become financially independent, while continuing to fully support Her Majesty The Queen. 

"It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment. 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. 

"We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge, and all relevant parties. 

"Until then, please accept our deepest thanks for your continued support.”

The royal couple also posted a question and answer article about their new position regarding the media:

"How will The Duke and Duchess of Sussex handle media relations in the future?

"In the spring of 2020, The Duke and Duchess of Sussex will be adopting a revised media approach to ensure diverse and open access to their work. This adjustment will be a phased approach as they settle into the new normality of their updated roles.  This updated approach aims to:

"-Engage with grassroots media organisations and young, up-and-coming journalists;

"-Invite specialist media to specific events/engagements to give greater access to their cause-driven activities, widening the spectrum of news coverage;

"-Provide access to credible media outlets focused on objective news reporting to cover key moments and events;

"-Continue to share information directly to the wider public via their official communications channels;

"-No longer participate in the Royal Rota system. 

"What is the "Royal Rota" system?

"The Royal Rota was established more than 40 years ago as a way of giving UK print and broadcast media exclusive inside access to the official engagements of members of the Royal Family.

"Under this system, the rota, or pool, gives these British media representatives the opportunity to exclusively cover an event, on the understanding that they will share factual material obtained with other members of their sector who request it. The current system predates the dramatic transformation of news reporting in the digital age. The core group of UK outlets with Royal Rota access remain the predominant news source through which worldwide media organisations receive content on the official engagements of members of the Royal Family. These UK media outlets are: The Daily Express, The Daily Mail, The Daily Mirror, The Evening Standard, The Telegraph, The Times, The Sun.

"Why have The Duke and Duchess of Sussex elected to change their media policy now?

"The Duke and Duchess have chosen to revise their media policy to reflect both their forthcoming change as members of the Royal Family with financial independence, and their wish to reshape and broaden access to their work.

"How does this new media policy relate to the UK's Royal Correspondents?

"Britain's Royal Correspondents are regarded internationally as credible sources of both the work of members of The Royal Family as well as of their private lives. This misconception propels coverage that is often carried by other outlets around the world, amplifying frequent misreporting. Regrettably, stories that may have been filed accurately by Royal Correspondents are, also, often edited or rewritten by media editorial teams to present false impressions.

"What is The Duke and Duchess of Sussex's stance on media in general?

"The Duke and Duchess believe in a free, strong and open media industry, which upholds accuracy and fosters inclusivity, diversity and tolerance. Both The Duke and Duchess have collaborated with media organisations including: Time Magazine, National Geographic, The Daily Telegraph, British Vogue, and various others. Their Royal Highnesses recognise that their roles as members of the Royal Family are subject to interest, and they welcome accurate and honest media reporting as well as being held to account if appropriate. Equally, like every member of society, they also value privacy as individuals and as a family.

"Will they continue to have a social media platform?

"Yes, The Duke and Duchess of Sussex will continue to have a social media platform. They look forward to continuing their use of social media and believe that their updated media approach will enable them to share more, with you, directly.

"Historically, the understanding with the Royal Rota expects that if Their Royal Highnesses were to release a photo that has never been seen, they would be expected to give the image to The Rota (of which four of the seven are UK tabloids) simultaneously or in advance of their own release. This formula enables these select publications to profit by publishing these images on their websites/front pages. Any breach in this understanding creates long term repercussions.

"The current structure makes it challenging for The Duke and Duchess of Sussex to personally share moments in their lives directly with members of the public (via social media for example), without first going through the filter of the Royal Rota. For more information on the rota system, please see top of this section.

"Is this change of policy being adopted by other members of the Royal Family?

The changes outlined above apply to The Duke and Duchess of Sussex and their son, Archie. They do not speak on behalf of the other members of The Royal Family in regards to their media relations policies."