Britain’s Prince Harry and his wife Meghan said they are planning “to step back” as senior
members of the royal family and “work to become financially independent”.

A statement issued by the couple Wednesday also said they intend to balance their time between the U.K. and North America.

“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,” the couple said in a statement. “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.”

Buckingham Palace issued a statement on Wednesay saying discussions with Prince Harry and Meghan over their plans to step back from royal duties were at an early stage.

“We understand their desire to take a different approach but these are complicated issues that will take time to work through,” the palace said. “Discussions with the Duke and Duchess of Sussex are at an early stage.”