Prince Andrew has announced he will give up his royal titles and honours.

The Duke of York has been under mounting pressure over his relationship with the late convicted sex offender Jeffrey Epstein and his ties to an alleged Chinese spy.

On Friday night, local time, Prince Andrew said in a statement that he came to the decision after discussing it with his brother, King Charles, and his wider immediate family.

The prince said that “the continued accusations about me distract from the work of His Majesty and the Royal Family”.

He said he stood by his decision to step back from public life five years ago, but “with His Majesty’s agreement, we feel I must now go a step further”.

“I will therefore no longer use my title or the honours which have been conferred upon me,” he said.

“As I have said previously, I vigorously deny the accusations against me.”

It is understood that the king is pleased with the decision, which is believed to take immediate effect.

Two men in black suits and white shirts speak with each other

Prince Andrew speaks with King Charles after the funeral of Britain’s Katharine, Duchess of Kent, in London last month. (Reuters: Toby Melville, file)

The announcement followed speculation in the British press that the king was considering stripping his brother of his titles.

While he will no longer be called the duke of York, he will retain the title of Prince Andrew.

As the son of Queen Elizabeth II, that is in accordance with rules issued in 1917 by King George V and updated by Queen Elizabeth II in 2012.

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It is believed that the prince will no longer attend any of the traditional royal family Christmas celebrations.

The decision comes days after extracts from the memoir of Virginia Giuffre were published.

The late Ms Giuffre was instrumental in the campaign to bring Epstein to justice, making accusations of sex abuse, sex trafficking and paedophilia.

Her posthumously released memoir repeats her allegations of being forced to have sex with Prince Andrew as a minor in 2001 — a claim he has repeatedly denied.

“He was friendly enough, but still entitled — as if he believed having sex with me was his birthright,” Ms Giuffre wrote.

The pair settled a lawsuit in 2022.

A man and two women stand in a house looking at the camera.

Prince Andrew, Virginia Roberts, and Ghislaine Maxwell in 2001. (Supplied)

In September, multiple UK charities cut ties with the prince’s ex-wife Sarah, Duchess of York, after British media reported she described Epstein as a “steadfast, generous and supreme friend” in a 2011 letter.

She has gone by her name, Sarah Ferguson, rather than her royal title in her professional capacity for many years. It is believed she will continue to do so.

‘This boil needs to be lanced’

British historian and author Andrew Lownie has written a number of books on the royal family.

He told the ABC that the decision showed the palace was “finally getting a grip on a situation which was overshadowing everything that the members of the royal family were doing”.

“There are some accusations that have been made against King Charles, not least that he’s very weak,” Mr Lownie said.

“I think he’s under pressure perhaps from his son [Prince] William that this boil needs to be lanced, that they cannot allow the news agenda to be shaped by Andrew and Sarah Ferguson when they are trying to get on with other things.”

He said the palace had sensed public opinion was changing and determined it needed to act.

“Sentiment has changed, and it’s not only just directed at Andrew and Sarah, it’s directed at the institution itself,” he said.

“I think the monarchy just feels that they need to kind of cut off this infected limb before it infects the body politic.”