Royal Mail has confirmed that stamp prices will increase starting April 7.
The cost of a first-class stamp will see a 10p rise to £1.80, and 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% hike over the last decade.
Royal Mail attributed these price hikes to the escalating delivery expenses as letter volumes decline and the number of addresses grows.
However, Royal Mail is facing criticism for failing to meet its delivery targets, with the last successful achievement of the annual first-class post delivery target dating back to 2019-20.
To save money before the price hike, individuals who regularly send letters can benefit from purchasing stamps in bulk now, especially if the stamps do not display a specific price but only indicate the postage class.
Richard Travers, Royal Mail’s managing director of letters, emphasized the careful consideration given to price adjustments, balancing affordability with the rising mail delivery costs. UK adults now spend an average of £6.50 annually on stamps, with a 70% decrease in letters sent compared to two decades ago, while the number of delivery addresses has surged by four million to 32 million across the UK.
Anne Pardoe from Citizens Advice highlighted the prolonged failure of Royal Mail to meet delivery targets, urging for improved standards in tandem with price increases.
Recently, Ofcom approved Royal Mail’s decision to halt Saturday deliveries of second-class post and reduce second-class post deliveries to alternate weekdays from the previous six days a week schedule. This change is being tested in approximately 35 delivery offices. Despite the reduced service, Royal Mail aims to deliver second-class letters within three working days.
Last year, Czech billionaire Daniel Kretinsky’s EP Group acquired Royal Mail for £3.6 billion.
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