The King has initiated a “formal process to remove the Style, Titles and Honours of Prince Andrew”, who will now be known as Andrew Mountbatten Windsor, Buckingham Palace said in a statement.

He will also be moved out of Royal Lodge.

A statement from 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 comes a day after Parliament’s spending watchdog raised concerns over the value for money of Prince Andrew’s living arrangements after he stepped down as a working member of the Royal family.

The Public Accounts Committee (PAC) wrote to the Treasury and the Crown Estate on Wednesday, asking them to...