Meghan Markle & Prince Harry Abandon Royal Titles, Queen Bids Farewell

Meghan Markle and Prince Harry are a lot more like the rest of us today -- ditching their Royal titles and are pivoting toward becoming commoners ... all with the Queen's blessing.

Buckingham Palace announced a path forward Saturday for the Duke and Duchess of Sussex in the wake of "Megxit." They say as part of the new agreement reached between all parties, Meg and Harry will no longer formally rep Queen Elizabeth publicly ... and they will also not go by His or Her Highness, as they're no longer working members of the Royal Family.

Another thing they're losing ... public funds and military appointments. All that comes with being a full-time Royal, and since they're out -- all the perks are out too.

The palace says they'll maintain the private charities and causes they support -- and while they're no longer doing anything on behalf of the Queen ... they've agreed to uphold the values of Her Majesty.

One last interesting thing about their titles being stripped ... apparently, Meg and Harry want to pay back a Sovereign Grant expenditure for the refurbishment of their crib in the U.K., Frogmore Cottage. In other words, they're getting billed for fixing up the place.

As for the Queen, she says she gets it. QE2 wrote she recognizes the challenges Meg and Harry have faced since getting together, and supports their wish for an independent life. She goes on to thank them for their work ... noting she's particularly proud of MM.