Queen Elizabeth II agrees to 'period of transition' for Harry, Meghan

Queen Elizabeth II announced on Monday that the Royal Family is entirely supportive of Prince Harry and wife Meghan Markle's "desire to create a new life as a young family" and has agreed to a period of transition during which the couple will spend time in Canada and the UK.

In a statement, the Queen said that while she would have preferred the couple to remain full-time working members of the Royal Family, she respects and understands their wish to "live a more independent life as a family while remaining a valued part of my family."

"Harry and Meghan have made clear that they do not want to be reliant on public funds in their new lives," the Queen said. "It has therefore been agreed that there will be a period of transition in which the Sussexes will spend time in Canada and the UK."

"These are complex matters for my family to resolve, and there is some more work to be done, but I have asked for final decisions to be reached in the coming day," she added.

Last week, Harry and Meghan announced they would step back from their royal duties, seek financial independence and split their time between Britain and North America.