Royal Mail has revealed that the price of stamps is set to increase starting April 7th. The cost of a first class stamp will see a 10p hike to £1.80, while a second class stamp will go up by 4p to 91p. The price of a first class stamp has surged from 64p in 2016, marking a significant 181% increase over the past decade.
The postal service attributed the price adjustments to the mounting delivery costs amid declining letter volumes and an expanding number of addresses. However, Royal Mail is facing heightened scrutiny for failing to meet its delivery objectives, with the last successful achievement of delivering first-class post on time dating back to 2019-20.
To save on postage expenses before the price hike, bulk-buying stamps without a specified price can be a cost-effective strategy for regular mail senders. Richard Travers, Royal Mail’s managing director of letters, emphasized the careful consideration given to price changes to balance affordability with the escalating delivery expenses. Travers highlighted the diminishing letter volumes and the substantial increase in delivery addresses across the UK.
Anne Pardoe, Citizens Advice’s head of policy, expressed concerns over Royal Mail’s persistent delivery challenges and urged for improved service standards in exchange for the price increments. Notably, Ofcom approved Royal Mail’s decision to discontinue Saturday deliveries for second class post and implement alternate weekday deliveries, albeit maintaining a three-working-day target for second class letter deliveries.
Following the acquisition by Czech billionaire Daniel Kretinsky’s EP Group for £3.6 billion in June last year, Royal Mail continues to navigate operational changes amid evolving postal service demands. To receive exclusive money-saving tips and top deals, subscribe to the Mirror Money newsletter for direct updates in your inbox.