Prince Charles Will Help Fund Prince Harry & Meghan Markle as Couple Will No Longer Receive Public Money

Prince Harry and Meghan Markle have made it clear that they no longer want to rely on public funds

Prince Charles will be offering private financial support to Prince Harry and Meghan Markle following their agreement with Queen Elizabeth, a royal source tells PEOPLE.

The couple made it clear that they no longer want to rely on public funds in their bombshell Jan. 8 announcement to step down as senior working members, revealing that they are working to become “financially independent.”

Harry and Meghan will not receive Sovereign Grant funding and have agreed to uphold the values of the Queen.

The couple — who will no longer be using their royal titles — is free to seek employment, but have promised that everything they do will uphold the values of her majesty, the source shares. They have no commercial agreements signed or in the pipeline at the moment.

A statement from Buckingham Palace on Saturday also highlighted Harry and Meghan’s finances. “They will no longer receive public funds for Royal duties,” the statement said.

Samir Hussein/Samir Hussein/WireImage; Tim Rooke - Pool/Getty Images

Despite a focus within the palace on the direct line of succession — highlighted most recently in a holiday portrait of the Queen, Prince Charles, Prince William, and 6-year-old Prince George — those close to Prince Charles deny reports that he sought to slim-down the monarchy by squeezing out his youngest son and daughter-in-law.

“Charles has always envisioned working with both of his sons and their families in the future,” a close source recently said. The leaner monarchy that has been proposed by Charles for cost-cutting purposes “included Harry and whoever he married,” a palace insider added.

Meghan and harry
Meghan Markle and Prince Harry. Samir Hussein/WireImage

In a statement on Saturday, Queen Elizabeth announced that she and her family had “found a constructive and supportive way forward” after Harry and Meghan’s choice to exit the royal family.

“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,” the Queen said in the statement.

“Harry, Meghan and Archie will always be much loved members of my family. 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. I want to thank them for all their dedicated work across this country, the Commonwealth and beyond, and am particularly proud of how Meghan has so quickly become one of the family,” the statement read. “It is my whole family’s hope that today’s agreement allows them to start building a happy and peaceful new life.”

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Members of the British royal family (L-R) Queen Elizabeth II, Sophie, Countess of Wessex, Prince Philip, Duke of Edinburgh, Prince Edward, Earl of Wessex, Prince Harry, Catherine, Duchess of Cambridge, and Prince William, Duke of Cambridge, watch the fly-past as they stand on the balcony of Buckingham Palace following the Trooping the Colour - Queen Elizabeth II's Birthday Parade, at The Royal Horseguards in London on June 14, 2014
Trooping the Colour in 2014. Leon Neal/AFP via Getty

A separate statement from Buckingham Palace explained the details of Harry and Meghan’s next steps: “The Duke and Duchess of Sussex are grateful to Her Majesty and the Royal Family for their ongoing support as they embark on the next chapter of their lives. As agreed in this new arrangement, they understand that they are required to step back from Royal duties, including official military appointments.”

In addition, Harry and Meghan “will not use their HRH titles as they are no longer working members of the Royal Family.”

The statement also said, “The Duke and Duchess of Sussex have shared their wish to repay Sovereign Grant expenditure for the refurbishment of Frogmore Cottage, which will remain their UK family home. Buckingham Palace does not comment on the details of security arrangements. There are well established independent processes to determine the need for publicly-funded security.”

Sussex Royals
John Stillwell - WPA Pool/Getty

Saturday’s statement comes just days after a previous statement in which the Queen, 93, had not used Harry and Meghan’s HRH titles.

An insider previously told PEOPLE that Meghan and Harry’s decision left senior royals “hurt” and “deeply disappointed.”

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