Royal Mail has confirmed that stamp prices will once again increase starting from April 7.
The cost of a first class stamp will see a 10p hike to £1.80, while a second class stamp will rise by 4p to 91p. Comparatively, the cost of a first class stamp was just 64p back in 2016, marking a significant 181% increase over the past decade.
According to Royal Mail, these price adjustments are attributed to the escalating costs of delivery, driven by declining letter volumes and a surge in the number of postal addresses.
Despite the price rise, Royal Mail is facing growing criticism for failing to meet its delivery targets consistently. The postal service’s last achievement of its annual goal for timely delivery of first-class post dates back to 2019-20.
If you are a frequent sender of letters, it may be prudent to stock up on stamps before the price hike to save money, particularly for stamps without a specified value denoting the postage class.
Richard Travers, Royal Mail’s managing director of letters, emphasized the company’s careful consideration of price adjustments to balance affordability with the mounting delivery expenses. He noted a shift in consumer behavior, with UK adults now spending an average of just £6.50 annually on stamps, reflecting a 70% decrease in letter sending compared to two decades ago.
Anne Pardoe, head of policy at Citizens Advice, raised concerns over Royal Mail’s prolonged failure to meet delivery targets, highlighting uncertainties faced by people regarding the timely arrival of crucial documents and letters, such as medical appointments. Pardoe emphasized the need for higher service standards in tandem with price increases to align with Royal Mail’s performance.
Last year, Ofcom granted Royal Mail permission to cease Saturday deliveries for second-class post and reduce second-class post delivery to alternate weekdays rather than a six-day schedule, as part of operational changes. Despite these adjustments, Royal Mail retains a commitment for second-class letters to reach recipients within three working days.
In a significant business move, Czech billionaire Daniel Kretinsky’s EP Group acquired Royal Mail for £3.6 billion in June last year.