Royal Mail has confirmed an upcoming increase in stamp prices starting on April 7th.
The cost of a first class stamp will rise by 10p to £1.80, while a second class stamp will see a 4p increase to 91p. This marks a significant jump from the 64p price of a first class stamp back in 2016, representing a 181% increase over the past decade.
According to Royal Mail, the price adjustments are attributed to the escalating delivery costs resulting from a decline in letter volumes and an increase in the number of delivery addresses.
However, concerns have been raised about Royal Mail’s performance in meeting delivery targets. The postal service has struggled to meet its annual goal for delivering first-class post on time since the 2019-20 period.
To mitigate the impact of the price hike, individuals who frequently mail letters can save money by purchasing stamps in bulk before the increase takes effect, especially for stamps without a printed price indicating the postage class.
Richard Travers, Royal Mail’s managing director of letters, emphasized the careful consideration given to price changes, balancing affordability with the rising delivery expenses. He highlighted that the average annual spending on stamps by UK adults is now merely £6.50, with a notable 70% decrease in the volume of letters sent compared to two decades ago.
Anne Pardoe, head of policy at Citizens Advice, expressed concerns over Royal Mail’s delivery performance, urging that any price hikes should be linked to improved service standards to align with customers’ expectations.
Royal Mail’s operational changes include the decision, approved by Ofcom, to halt Saturday deliveries for second class post. Additionally, second class post will only be delivered on alternate weekdays instead of the previous six-day schedule. Despite these adjustments, Royal Mail will maintain a target for second class letters to arrive within three working days.
In a notable acquisition, Royal Mail was purchased for £3.6 billion last June by Czech billionaire Daniel Kretinsky’s EP Group.