Prince Harry and Meghan Markle stunned the world and their own families with Wednesday's major announcement that they will be stepping down as "senior members" of the royal family.
So to settle the confusion, the Duke and Duchess of Sussex provided answers on their website to the burning questions surrounding how this move toward monetary independence will impact their finances.
PRINCE HARRY, MEGHAN MARKLE STEPPING BACK AS SENIOR MEMBERS OF ROYAL FAMILY
On SussexRoyal.com, Harry and Meghan explain that their decision will allow them to "earn a professional income," which is a huge side-step from the current plan in place that prohibits exactly that.
Britain's Prince Harry and Meghan Markle during a walkabout with Britain's Prince Harry on the esplanade at Edinburgh Castle, Scotland, Tuesday, Feb. 13, 2018. The recently engaged couple are on a one day tour to Edinburgh, and will visit the Castle and observe the firing of the One O'clock Gun. (Andrew Milligan/Pool Photo via AP)
"For this reason they have made the choice to become members of the Royal Family with financial independence. Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally," the couple informs their readers.
PRINCE HARRY, MEGHAN MARKLE STEPPING BACK AS SENIOR MEMBERS OF ROYAL FAMILY
In order to release the financial ties between the married couple and the rest of the British royal family, the couple will no longer be covered by the Sovereign Grant, which they explain covers "just five percent of the costs for The Duke and Duchess," adding that it is "specifically used for their official office expense."
Harry and Meghan explain that the current structure in place has prohibited them from earning "any income in any form," which means they also have not benefited financially from their charitable causes around the world.
But a burning debate topic since their royal announcement is how this will affect public funding. The Duke and Duchess explain that public funding has "never been used, nor would it ever be used for private expenditure."
BUCKINGHAM PALACE RESPONDS TO MEGHAN MARKLE, PRINCE HARRY'S EXIT: 'THESE ARE COMPLICATED ISSUES'
The couple also insisted they "do not receive any tax privileges," according to the website.
Archie's parents broke down their funding, explaining that 95 percent of their office expenses are "derived from income allocated by HRH The Prince of Wales, generated through the Duchy of Cornwall." The remaining 5 percent came from the Sovereign Grant.
Moving forward, the couple announced that they will continue to pay for their own private travel as they "always' have been, which will have no burden on the U.K. taxpayers, they said.
"Wherever possible and unless advised otherwise on security grounds, their logistical arrangements are undertaken via commercial air carriers, local trains and fuel-efficient vehicles, be it for official or personal travel," the couple wrote.
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Prince Harry and Meghan Markle stunned their royal family members by announcing on Wednesday that they plan to step down as "senior members." (Daniel Leal-Olivas/Pool Photo via AP)
Additionally, the Duke and Duchess of Sussex broke down how their current titles have impacted the U.K. taxpayer.
"The contribution from U.K. taxpayers towards the full overhead of the British monarchy is equivalent to approximately £1 per head per year," they wrote.
As a result, the return on the investment is an "estimated £1.8 billion a year in tourism revenues for The United Kingdom," the website states.
While Harry and Meghan's website shares how their impending financial independence will be carried out, U.K. website DailyMail claims it isn't feasible.
The website claims taxpayers will still be footing the bill for the couple's various accommodations. According to the outlet, taxpayer money will still be used to pay for Harry and Meghan's "protection officers," estimated from $782,000 to $1.3 million (600,000 to 1 million pounds) per year. Travel costs for the couple's royal duties would also continue at taxpayers' expense, according to the outlet, which totaled an estimated $170,000 (130,000 pounds) in 2018-2019.
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And then there's the total amount Prince Harry allegedly receives from his father, Prince Charles. Reuters claimed Prince Charles paid his sons William and Harry a total of more than $6.5 million (5 million pounds) in the last year. DailyMail claimed nearly half of that -- an estimated $3 million (2.3 million pounds) -- went to Harry. Now it's up to Charles to decide whether or not he will reduce the amount he shells out to Harry or Meghan, or to cut them off completely. This decision would later fall onto Prince William when he assumes the throne, the UK tabloid claimed.
While Harry and Meghan's announcement on Wednesday appeared to be a plan set in stone, chaos has ensued at the palace, as the queen released a statement downplaying the royals' hasty exit.
"Discussions with The Duke and Duchess of Sussex are at an early stage," a Palace spokesman told Fox News late Wednesday. "We understand their desire to take a different approach, but these are complicated issues that will take time to work through."
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January 09, 2020 at 05:00AM
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How Meghan Markle and Prince Harry's finances will be impacted by abrupt royal exit - Fox News
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