Prince Andrew will be stripped of all his Royal titles and honours, including 'prince', by King Charles.
Buckingham Palace revealed this evening that the disgraced Royal will now be known as Andrew Mountbatten Windsor and he will be forced to move out of the 30-room Royal Lodge, which he shared with ex-wife Sarah Ferguson. Andrew gave up the use of his other titles, including the Duke of York, earlier this month following mounting pressure about his relationship with convicted paedophile Jeffrey Epstein - allegations which Andrew has strongly denied.
In a bombshell announcement, Buckingham Palace said: "His Majesty has today initiated a formal process to remove the Style, Titles and Honours of Prince Andrew.
"Prince Andrew will now be known as Andrew Mountbatten Windsor. His lease on Royal Lodge has, to date, provided him with legal protection to continue in residence.
"Formal notice has now been served to surrender the lease and he will move to alternative private accommodation. These censures are deemed necessary, notwithstanding the fact that he continues to deny the allegations against him.
"Their Majesties wish to make clear that their thoughts and utmost sympathies have been, and will remain with, the victims and survivors of any and all forms of abuse."
It is believed Andrew will move out of his Windsor home and move to a home on the private Sandringham Estate, in Norfolk, after the Palace considers that there have been "serious lapses of judgment". This move will be privately funded by King Charles.
It is also understood Andrew did not object to the King's decision and had Prince Williams support in deciding private factors.
The move will take place as soon as practicable and Andrew will receive an appropriate private provision from the King, it is understood. Any other sources of money will be a matter for the former duke.
Andrew's daughters, Princess Eugenie and Princess Beatrice, will hold onto their royal titles as they are the children of the child of a Sovereign - which is in line with King George V's Letters Patent of 1917.
It was reported that Andrew had been in talks with the King's representatives about leaving the Royal Lodge voluntarily. This followed anger over the "peppercorn" rent for the 30-room mansion, where he paid barely anything for the 20 years he lived at the property.
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MPs had also been demanding answers over the rent deal just hours before this announcement. The Public Accounts Committee (PAC), which looks into whether taxpayers' money is being wisely spent, on Tuesday asked for "an update on the status of, and rationale for, the lease" for the lavish property.
In a letter, PAC chairman Sir Geoffrey Clifton Brown said: "There is considerable and understandable public interest in the spending of public money in relation to Prince Andrew, which in part stems from the fact that he is no longer a working Royal and from serious and disturbing allegations made against him."