News Meghan Markle and Prince Harry Are Stepping Back As Senior Members of the Royal Family "After many months of reflection and internal discussions, we have chosen to make a transition this year." By Kimberly Truong Kimberly Truong Kim Truong is a writer focusing on news, entertainment, and culture. She is a graduate of Fordham University. Her work has appeared on The Cut, Self, Refinery29, and BBC America. InStyle's editorial guidelines Published on January 8, 2020 @ 01:46PM Pin Share Tweet Email Just as rumors circulated that Meghan Markle and Prince Harry could move to Canada and relinquish their royal titles, the Sussexes released a statement saying they would step back from their senior roles with the royal family, and would be splitting their time between the U.K. and North America. In a post on Instagram, they also said they would become financially independent from the royals. "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," they wrote. "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. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment. We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages." They went on to say that the "geographic balance" will help "raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity." "We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties," the statement continued. "Until then, please accept our deepest thanks for your continued support." Meghan Markle Just Masterfully Broke a Major Style Rule Earlier on Wednesday, Buckingham Palace declined to comment on speculation that Meghan and Harry would move to Canada. It's unclear what exactly this will mean for their future within the royal family — i.e., how much they will be stepping back, or whether this means they will actually relinquish their HRH roles. But for now, 2020 is already shaping up to be an interesting year for the royals.