Royal Mail has confirmed that stamp prices will go up starting April 7. The cost of a first class stamp will rise by 10p to £1.80, and a second class stamp will increase by 4p to 91p. This marks a significant surge from the 64p price of a first class stamp back in 2016, representing a 181% increase over the past decade.
The postal service attributed these price hikes to the escalating expenses of delivery due to declining letter volumes and the growing number of delivery addresses. However, Royal Mail is facing 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.
For frequent letter senders, it is advisable to consider purchasing stamps in bulk before the price hike to save money. Richard Travers, Royal Mail’s managing director of letters, emphasized the careful consideration given to price adjustments to balance affordability with the rising costs of mail delivery. He highlighted that the average annual spend on stamps per UK adult is now only £6.50, with a 70% decrease in the number of letters sent over the past two decades, while the delivery addresses have surged by four million to 32 million across the UK.
Anne Pardoe, head of policy at Citizens Advice, raised concerns over Royal Mail’s prolonged failure to meet delivery targets, emphasizing the need for higher service standards alongside price increases. Following Ofcom’s approval, Royal Mail has implemented changes such as discontinuing Saturday deliveries for second-class post and reducing delivery days for second-class mail to alternate weekdays, except for around 35 delivery offices where this is being piloted. Despite these service adjustments, Royal Mail maintains a target for second-class letters to arrive within three working days.
Last year, Czech billionaire Daniel Kretinsky’s EP Group acquired Royal Mail for £3.6 billion.
