First class stamp prices are set to rise above £1 for the first time, it has been announced by the Royal Mail, with the price of second class stamps also increasing.
The increase if set to come into force in a matter of weeks, with new prices launching at the beginning of April.
People across Glasgow and the rest of the UK have until Sunday, April 2 to stock up on first or second-class stamps if they want to secure them at their current price. However, it is important to check you are using the new barcoded stamps rather than old-style versions without a barcode.
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But what are the changes? Here is everything you need to know.
How much are stamp prices rising by?
From Monday April 3, the cost of stamps will rise as follows:
Standard letters (max 100g, 24cm x 16.5cm x 5mm)
- First class: £1.10 (up from 95p)
- Second class: 75p (up from 68p)
Large letters (max 100g, 35.3cm x 25cm x 2.5cm)
- First class: £1.60 (up from £1.45)
- Second class: £1.15 (up from £1.05)
When are stamp prices rising?
If you want to send a letter or a parcel, you will see the changes come into force from April 3, 2023, it has been confirmed.
Why are stamp prices rising?
Royal Mail said that the increases are needed to ensure that the universal service, which means any letter delivery costs the same irrespective of the distance, “remains sustainable”.
The company said it made the decision after witnessing a 25 per cent decline in letter numbers since the covid pandemic. In addition to this, they also had to consider the higher cost of inflation.
The rises come after the Royal Mail revealed plans last year for up to six thousand redundancies saying they expected to fall to an annual loss of up to £450 million.
On Friday, Royal Mail said it remains committed to the universal service but said that costs are increasing as “customer behaviours change”.
The business has, however, asked the Government to reduce its obligation to deliver letters to Britons six-days-a-week to five-days-a-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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