The price of a first class stamp will rise by 10p and a second class by 2p as the Post Office reverses plans which meant Britons had less than a year to use up their old stamps
Video not available
Stamp prices are set to increase for both first and second class options Royal Mail has announced.
The price of a first class stamp increases by 10p to 95p on April 4th.
The cost of a second class stamp will increase by 2p to 68p.
Royal Mail said prices need to rise as Brits send fewer letters and because Inflation is so high, increase its running costs.
A statement said: “Royal Mail has carefully considered these price changes given the long-term structural decline in letter usage and rising inflation.
“Letter volume has fallen by more than 60% since its peak in 2004/05 and by around 20% since the start of the pandemic.”
If stamp prices stayed the same it would mean Royal Mail would not be able to continue its ‘universal service’, she warned.
This is the promise that it costs the same price to send a letter to any address in the UK six days a week.
Nick Landon, Royal Mail’s Chief Commercial Officer, said: “We understand that many businesses and households are finding it difficult in the current economic environment and we will always keep our prices as affordable as possible.
“While the number of letters that our postmen deliver has fallen from around 20 billion per year to around 7 billion since 2004/05, the number of addresses to be delivered has increased by around 3.5 million over the same period.
“We need to carefully balance our prices against falling letter volumes and rising costs for six-day-a-week delivery to a growing number of addresses.”
Royal Mail also defended its price increase decision by saying Britons pay less for their stamps than almost anywhere else in Europe.
The Post said the average cost of sending a first-class letter in Europe is £1.36.
However, the Royal Mail has reversed its plans to give households a tough deadline to use up their old stamps.
His original plan was to give the British until January 31 next year Use any existing Royal Mail stamps – also seasonal ones like Christmas stamps.
The rising cost of stamps joins a slew of other price hikes that will leave families £2,000 a year worse off.
The average house pays a Record an additional £693 in energy costs this year due to an increase in a price cap set by regulator Ofgem.
The increase in these bills is expected to push a quarter of all UK households into energy poverty.
As if that weren’t enough, the cost of other goods is also increasing.
https://www.mirror.co.uk/money/breaking-royal-mail-hike-prices-26385190 Royal Mail is raising prices on all first and second class postage amid barcode shake