Prince William has drastic plans for modernising the monarchy once he takes over from his father King Charles, an extremely well-placed source reveals.

The heir to the throne is already working on a five-point plan which will see an even slimmer monarchy but with fewer royal engagements and patronages, less formality and frugality in mind, and a wave goodbye to the late Queen’s beloved Commonwealth.

“Focusing on the United Kingdom is very much a priority for William moving forward and there are already plans being worked on to that effect,” the source said.

“There is a reluctance there from both William and Kate to join the tour of the Commonwealth because they feel it’s an outdated institution and not something they want to head.”

Prince William ended a disastrous tour of the Caribbean last year by suggesting he doesn’t mind if he isn’t head of the Commonwealth – and that he believes it may one day be led by someone other than a member of the Royal Family.

“Who the Commonwealth chooses to lead its family in the future isn’t what is on my mind,” he said at the time.

The source adds that the royal families of the Netherlands and Sweden have proved to the Prince and Princess of Wales that a homegrown focus on a much smaller scale can be a success.

“Once William and Kate become King and Queen, everything will look very different,” the source said. The wider family will be reduced to almost nothing with the Wales family becoming the main focus.”

Earlier this week, the Express revealed that Prince William has had more than enough of Prince Harry and Meghan Markle and is already looking ahead at a monarchy that does not include them.

“William is already planning for when he becomes king, and he doesn’t see a future for the Sussexes in the Royal Family,” the source said.

“The focus will be very much on the Wales family and a reduced number of royal patronages and engagements will reflect that. Once the King goes, it will be out with the old and in with the new rather swiftly.”

When William does eventually become King, the source reveals that he won’t be crowned amid pomp and ceremony like his father was earlier this year but will begin his reign with frugality in mind.

“Processions, rituals and official ceremonies will be scrapped in favour of more modern displays for state occasions,” the source said.

“Frugality will most certainly be in mind when it comes to things like state banquets, coronations and any public display of wealth.”

Buckingham Palace and Kensington Palace have been contacted for comment.

Prince William’s five-point plan:

1. Give up the Commonwealth.

2. Fewer royal patronages.

3. Focus on the Wales family.

4. Less royal engagements.

5. Frugality in mind – less formality, scaled-down coronation and ceremonies.