Royal Mail has announced that the price of stamps will increase starting April 7th. The cost of a first-class stamp will go up by 10p to £1.80, while a second-class stamp will see a 4p hike to 91p. Since 2016, the price of a first-class stamp has risen from 64p to £1.80, marking a 181% increase over the past decade.
According to Royal Mail, the price adjustments are attributed to the escalating delivery costs due to a decline in letter volumes and an increase in the number of addresses. However, Royal Mail is facing heightened scrutiny for failing to meet its delivery targets, with the last instance of meeting the annual target for delivering first-class post on time dating back to 2019-20.
Bulk-buying stamps before the price hike can result in savings for regular letter senders, especially for stamps without a specified price but indicating the postage class.
Richard Travers, Royal Mail’s managing director of letters, stated, “We carefully assess price changes, considering affordability alongside the increasing mail delivery expenses.” He highlighted that the average annual spending per UK adult on stamps is now just £6.50, with a 70% decrease in the volume of letters sent compared to two decades ago, while the number of delivery addresses has surged by four million to 32 million nationwide.
Anne Pardoe, head of policy at Citizens Advice, expressed concerns over Royal Mail’s failure to meet delivery targets for over five years, emphasizing the uncertainty faced by individuals regarding the timely arrival of critical documents such as medical appointments. Pardoe called for enhanced standards alongside price increases, linking the pricing adjustments to Royal Mail’s doorstep performance.
Last year, Ofcom granted Royal Mail approval to discontinue Saturday deliveries for second-class post. Additionally, under the revised schedule, second-class post will only be delivered on alternate weekdays instead of six days a week. Despite these service reductions, Royal Mail maintains a target for second-class letters to reach recipients within three working days.
Royal Mail, acquired by Czech billionaire Daniel Kretinsky’s EP Group for £3.6 billion last June, is piloting the service changes in approximately 35 delivery offices. Subscribers can receive money-saving tips and exclusive offers directly in their inbox by signing up for the Mirror Money newsletter.
