Great news for royal fans: Prince Harry and Meghan Markle have decided to step down from their royal duties. The Duke and Duchess of Sussex shared the news on Instagram Wednesday afternoon, explaining that the decision will allow them to raise their son the way they feel best and focus on launching a new charity.

Read the statement below:

"After months of deliberation and internal discussion, we have chosen to transition this year to carve out a progressive new role within this organization. We will step back as "senior" members of the Royal Family and strive to become financially independent while continuing to fully support Her Majesty the Queen. We feel that we are ready to make this adjustment, especially because of your encouragement over the past few years. We now plan to balance our time between the United Kingdom and North America and continue to fulfill our obligations to Her Majesty the Queen, the Commonwealth, and our patrons. This geographical balance will allow us to raise our son in appreciation of the royal traditions into which he was born, while at the same time providing space for our family to focus on the next chapter, including the launch of our new charitable organization. We look forward to sharing more details about this exciting next step in due course as we continue to work with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all involved. Until then, we deeply appreciate your continued support."

According to royal reporter Chris Shipp (open in new tab), this essentially means that Meghan and Harry are resigning their official responsibilities.

Royal reporter Omid Scobie then clarified how Meg and Harry will work with the media, saying they will no longer participate in the royal rotary system and will share information from their Instagram account, @SussexRoyal. To see what that means, click here (opens in new tab).

It is unclear what this means in terms of the amount of official public appearances the Duke and Duchess will attend, but it is clear that this is a very well thought out decision for both of them. However, it may have come as a surprise to some members of the royal family, as BBC royal correspondent Johnny Dymond writes (opens in new tab): "The BBC understands that Harry and Meghan had not consulted any other members of the royal family before making their personal statement tonight. .

The Queen's office also appears to have a slightly different view. In a statement (open in new tab), Buckingham Palace said, "Our discussions with the Duke and Duchess of Sussex are at an early stage. We understand that they wish to take a different approach, but this is a complex issue and will take time to resolve."

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