Harry and Meghan could face a £5 million security bill following royal exit

Prince Harry and Meghan Markle caused shockwaves around the world earlier this month when they announced that they will be stepping back from their roles as 'senior royals'.

Although they initially hoped that they could continue to work for the Queen while becoming financially independent, in a recent speech Harry said: 'What I want to make clear is we’re not walking away, and we certainly aren’t walking away from you.

'Our hope was to continue serving the Queen, the commonwealth, and my military associations, but without public funding. Unfortunately, that wasn’t possible. I’ve accepted this, knowing that it doesn’t change who I am or how committed I am.'

The process of cutting financial ties with the institution is underway, with the Duke and Duchess of Sussex expected to be self-funded from the spring.

A statement from Buckingham Palace stated: 'As agreed in this new arrangement, they understand that they are required to step back from royal duties, including official military appointments. They will no longer receive public funds for royal duties.

'This new model will take effect in the spring of 2020.'

While the palace refused to discuss security costs (noting they 'do not comment on the details of security arrangements'), according to The Express, the couple could expect a £5 million bill for security following their royal exit.

Bodyguard Aaron Cohen revealed that without specialist UK police protection, the Duke and Duchess will need to ensure that they are protected.

He said: 'It requires a lot of work and a highly-trained team to enforce the layers of protection to keep a family of their stature safe. It could top £5million.'

Former head of Scotland Yard’s Royal Protection Squad, Dai Davis, said: 'Just because Harry no longer sees himself as a royal it doesn’t mean he will stop being a target.'

Harry and Meghan are currently in Canada with their son, baby Archie Harrison, and it is unclear when they will return to the UK.