Addressing the nation for the first time as monarch on Friday evening, King Charles III said his son, Prince William, will assume the title he himself held until his succession to the throne on Thursday.
Meanwhile, the King’s daughter-in-law Kate will become Princess of Wales - a title last used by his first wife Princess Diana.
The King said he was creating his son and heir, William, Prince of Wales adding: “With Catherine beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the centre ground where vital help can be given.”
Following the announcement, a royal source said the couple “are focussed on deepening the trust and respect of the people of Wales over time”.
“The Prince and Princess of Wales will approach their roles in the modest and humble way they’ve approached their work previously,” said the source.
“The new Princess of Wales appreciates the history associated with this role but will understandably want to look to the future as she creates her own path.”
During his televised first speech, His Majesty the King also expressed his “love for Harry and Meghan as they continue to build their lives overseas”.
Beginning the rousing and heartfelt address watched around the world, His Majesty said: “I speak to you today with feelings of profound sorrow.
“Throughout her life, Her Majesty the Queen, my beloved mother, was an inspiration and example to me and to all my family.
“And we owe her the most heartfelt debt any family could owe to their mother, for her love, affection, guidance, understanding and example.
“Queen Elizabeth’s was a life well lived, a promise that destiny kept, and she is mourned most deeply in her passing.
“That promise of lifelong service I renew to you all today.
“I shall endeavour to serve you with loyalty, repsect, and love, as I have throughout my life.”