Britains longest-serving monarch has allegedly informed her inner circle that she plans to step down as Queen, paving the way for Charles to become King

According to royal sources, the Queen, 92, is preparing to abdicate the throne to make way for Prince Charles to become the King.

First reported in The Mirror, Clarence House has not commented on ‘Plan Regency’, which involves a piece of legislation called the Regency Act coming into force.

A similar situation actually did occur in the 19th century when George IV acted as Prince Regent – a prince who rules a monarchy as a regent instead of a monarch – in the absence of his father, George III, who was famously suffering from poor mental health.

Robert Jobson, a royal correspondent for the Daily Mail, said: “I have spoken to a number of high-ranking courtiers who made it clear that preparations for a transition are moving ahead at pace.

“They have all confirmed that a Regency with Charles taking the lead is now, at the very least, a real possibility.”

Queen Elizabeth II is believed to be stepping down from the throne in 2020, paving the way for her son Charles to become King.

The act would grant the Queen’s eldest son Charles, who is next in line for the throne, full power to reign over The United Kingdom and the Commonwealth nations – even while Elizabeth is still alive.

According to The Mail, one senior former member of the Royal Household said: “Out of the profound respect the Queen holds for the institution of monarchy and its stewardship, Her Majesty would want to make sure that she has done everything she can for her country and her people before she hands over. She is dutiful to her core.

“Her Majesty is mindful of her age and wants to make sure when the time comes, the transition of the Crown is seamless.

“I understand the Queen has given the matter considerable thought and believes that, if she is still alive at 95, she will seriously consider passing the reign to Charles.”

Queen Elizabeth II ascended to the throne in 1952.

She famously dedicated her life to her future role as monarch on her 21st birthday, vowing to serve the Commonwealth.

She said: “I declare before you all that my whole life, whether it be long or short, shall be devoted to your service and the service of our great imperial family to which we all belong.”

Her father, George VI, was King until his untimely death in February 1952.

Queen Elizabeth is now Britain’s longest-reigning monarch at 65 years and counting, surpassing Queen Victoria, who reigned for 63 years.

The longest-reigning King of England is the aforementioned George III, who reigned as King for 59 years.

Polls show that the Queen remains hugely popular among people in the country.

But, if she did abdicate, the throne would be passed on to her eldest son, Prince Charles, who would likely become King Charles III, though he can choose to rule under a different first name, as George VI did, having been known as Prince Albert before his ascension to the throne.

Prince Charles is the longest serving heir to the throne in British history, having been so since his birth in 1952.

If this were to happen in the time frame suggested, he would become the oldest-ever UK monarch to be crowned at 71 years of age.

If he also decided to abdicate, the throne would be passed on to his eldest son, Prince William, who is currently second in line. If this were to happen, then Prince William would likely be known as King William V, though he too could opt to reign under a different, regional name.

The Duke of Cambridge’s three-year-old son, Prince George, is third in line to the throne, and would likely be known as King George VII.