Royal Mail said it sought to minimise the impact on customers and considered changes carefully (Image: Getty Images)
Royal Mail is to hike the cost of stamps next month. The price increase is to “help ensure the sustainability of the one-price-goes-anywhere Universal Service.” The UK’s postal service company said it sought to minimise the impact on customers and considered changes carefully.
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First and second class stamps will go up in price from the middle of next month.
From 23 March, the price of a First Class stamp will increase by 6p to 76p.
The price of a Second Class stamp will increase by 4p to 65p.
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Royal Mail: First and second class stamps will go up in price from the middle of next month (Image: Getty Imges)Why is Royal Mail increasing the cost of stamps?
According to the Royal Mail, the postal service is “operating in a challenging business environment” and is set to make a loss this year.
The Royal Mail statement this week explained: “The likelihood has increased that Royal Mail in the UK will be loss making in 2020-21.
“We want to invest £1.8 billion in the UK to turnaround, grow and sustain the universal service.
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“The UK has one of the highest quality of service specifications of any major European country.”
How does the price of stamps in the UK compare to other countries?
The Royal Mail has argued the case of the affordability of stamps in the UK, revealing figures from its own research.
It stated: “Royal Mail’s stamp prices are amongst the best value in Europe compared to other postal operators.
Royal Mail has argued the case of the affordability of stamps in the UK (Image: Getty Images)
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“Royal Mail research1 shows that the European average for First Class letters (0-100g) is £1.05.”
What have Royal Mail bosses said?
Stephen Agar, Managing Director of Letters at Royal Mail said: “We are operating in a tough market at present, under the threat of making a loss by 2021.
“These price increases will help us maintain the quality of service that is expected by our customers while supporting the Universal Service.”
Royal Mail: “These price increases will help us maintain the quality of service” (Image: Getty Images)When were stamps last increased in price?
Stamp prices were last increased in March 2019.
Last year, First Class stamps went up 3p to 70p and the Second Class stamp rose by 3p to 61p.