Royal Mail has revealed that the cost of stamps will be increasing once again starting on April 7th. The price of a first class stamp will see a 10p rise to £1.80, while a second class stamp will go up by 4p to 91p. This marks a significant increase from the 64p price of a first class stamp back in 2016, representing a 181% surge over the past decade.
According to Royal Mail, the hike in stamp prices is attributed to the escalating expenses of delivery services due to declining letter volumes and a growing number of delivery addresses. However, at the same time, the postal service is facing mounting criticism for failing to meet its delivery targets, with the last successful achievement of delivering first-class post on time dating back to 2019-20.
To offset the upcoming price hike, individuals who frequently send letters can consider purchasing stamps in bulk beforehand. Royal Mail’s managing director of letters, Richard Travers, emphasized the careful consideration given to price adjustments to strike a balance between affordability and the rising delivery costs. He noted that while the average annual spending on stamps by UK adults is now at £6.50, there has been a 70% reduction in the number of letters sent compared to two decades ago, despite an increase in the number of delivery addresses across the UK.
Anne Pardoe, head of policy at Citizens Advice, expressed concern over Royal Mail’s track record of missing delivery targets and the uncertainty faced by individuals regarding the timely arrival of important documents and letters. She highlighted the need for higher standards to accompany the price increases, urging that Royal Mail’s performance on deliveries should be tied to any future price adjustments.
Ofcom recently approved Royal Mail’s decision to discontinue Saturday deliveries for second class post and implement alternative weekday delivery schedules, reducing service from six days to select weekdays. This change is currently being tested in approximately 35 delivery offices, with Royal Mail maintaining a target for second class letters to be delivered within three working days, despite the revised delivery frequency.
In a significant development, Czech billionaire Daniel Kretinsky’s EP Group acquired Royal Mail for £3.6 billion last June. For more money-saving tips and exclusive offers, subscribe to the Mirror Money newsletter to receive them directly in your inbox.