Royal Mail have announced that the price of their first class stamps will rise above £1 for the first time ever.
The struggling postal service and courier company has confirmed that first class stamps will increase from 15 pence to a whopping £1.10 from April 3, 2023. The price of a second class stamp will also increase, from seven pence to 75 pence. according to new reports.
Royal Mail stated that they have been forced to increase the prices of stamps to ensure that their service, which means any letter delivery costs the same irrespective of the distance, “remains sustainable”.
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They also noted that the decision was made after witnessing a 25 per cent decline in the delivery of letters since the Covid pandemic, as well as the rising cost of inflation.
Last year the postal service revealed that they were planning to make up to 6,000 people redundant, as they expected to see an annual loss of up to £450 million.
And on Friday (March 2), Royal Mail confirmed that they remain committed to the universal letter service, but that their costs are increasing as "customer behaviours change".
Royal Mail have also requested that the UK Government reduces their obligation to deliver letters nationwide six days a week - down to a five-day week.
Nick Landon, chief commercial officer at Royal Mail said: “We appreciate that many businesses and households are facing a challenging economic environment and we are committed to keeping our prices affordable.
“Letters have declined by 25% compared to pre-pandemic.
“We have to carefully balance our pricing against a continued decline in letter volumes and the increasing costs of delivering letters six days a week to an ever-growing number of addresses across the country.
“We need to make these price changes to ensure we can continue to maintain and invest in the one-price-goes-anywhere universal service for years to come.”
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