Despite being fined £10.5 million for failing its 2023-2024 targets, Royal Mail is hiking the prices of first-class and second-class stamps in yet ‘another blow’ to British consumers
Royal Mail has sparked backlash after confirming the prices of stamps are increasing for the sixth time in three years. From next month (April 7) the cost of a first-class stamp will increase by 5p to £1.70, while second-class stamps will also jump 2p to 87. Back in 2020, a first-class stamp will have set you back just 76p, meaning they’ve more than doubled in prices in the last half a decade.
Citizens Advice branded the hike as ‘yet another blow to consumers’ – who are forced to ‘pay the price in more ways than one’. Director of Policy Tom MacInnes said: “While stamp prices continue to climb, millions of people face post delays every year. Royal Mail hasn’t met an annual delivery target for five years, but consumers will pay 124 per cent more for a 1st class stamp, and 34 per cent more for a 2nd class stamp, than they did in 2020.”
Last year, Ofcom fined Royal Mail a whopping £10.5 million for missing its postal delivery targets, with only 74.7 per cent of first-class mail and 92.7 per cent of second-class mail getting delivered on time. Money-saving guru Martin Lewis says now is the right time to purchase stamps before the price increase – but warned Brits against buying invalid stamps.
READ MORE: Nationwide confirms exact date 12 million people will see extra £50 in accounts
“For years, every time stamps go up in price I’ve suggested people stock up and bulk-buy in advance, as provided the stamp doesn’t have a price on it and instead just says the postage class, it’s still valid after the rise,” Martin said. “This has been an effective tactic, as a first-class letter stamp is now £1.65, soon rising to £1.70 – in 2012 it was just 60p. So while it’s not a huge saving this time, you still may as well stock up now.”
Martin’s MSE website urges Brits to only buy stamps from reputable high street outlets, and to keep their receipt, to avoid accidentally purchasing fakes. “Stamps are also available directly from the Royal Mail online shop (you must spend £50 to get free delivery),” the site adds.
Want the latest money-saving news and cheapest shopping deals sent straight to your inbox? Sign up to our Money Newsletter
Royal Mail has defended its up-charge, arguing it considers price changes ‘very carefully’. As previously reported, Nick Landon, chief commercial officer at Royal Mail said: “The cost of delivering mail continues to increase. A complex and extensive network of trucks, planes and 85,000 posties is needed to ensure we can deliver across the country for just 87p.”
Alongside the stamp hike, the postal service will also be charging more for deliveries of first-class large letters up to 100g from £2.60 to £3.15. The delivery price for small parcels up to 2kg will also jump from £4.79 to £4.99 for first class and from £3.75 to £3.90 for second class – while the cost of signed-for deliveries is increasing too, with first class signed-for stamps rising by 25p, going from £3.35 to £3.60 and second class signed for delivery rising by 22p, going from £2.55 to £2.77.
Do you think the price of stamps should be frozen? Let us know in the comments section below