Royal Mail regarding the increase in first-class stamp prices to £1.65, effective from October 7, 2024, has raised significant concerns among consumers and businesses alike. This price hike represents a notable shift in postal service costs and reflects broader economic trends affecting various sectors. As inflation continues to impact living costs across the United Kingdom, the decision to raise stamp prices is indicative of the ongoing challenges faced by postal services in maintaining operational viability while responding to fluctuating demand for traditional mail services.
Royal Mail has experienced a substantial decrease in letter deliveries due to the proliferation of digital communication methods. This decline has necessitated adjustments in pricing structures as organizations seek to offset losses incurred from reduced mail traffic.
The price goes up to £1.65 as of 7 October, while second-class stamps will remain at 85p.
It comes on top of a 10p rise in the cost of first- and second-class stamps in April, which took them to £1.35 and 85p respectively.
Next month’s jump means first-class post will have almost doubled in price since March 2022, when a stamp cost 85p.
Royal Mail said it had sought to keep price increases as low as possible in the face of declining letter volumes, inflationary pressures and the costs associated with maintaining the universal service obligation (USO), under which deliveries have to be made six days a week.
Nick Landon, chief commercial officer at Royal Mail, said: "We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.
"A complex and extensive network is needed to get every letter and parcel across the country for a single price – travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination on foot. We are proud to deliver the universal service, but the financial cost is significant."
To swap your stamps, you'll need to complete a standard 'Swap Out' form for stamps worth up to £200, or a bulk stamp 'Swap Out' form for stamps worth more than £200 (links open PDFs). If you don't have a printer, you can request a form on the Royal Mail website or pick one up from your local Post Office. Both forms include instructions on where to send your stamps.
There is currently no deadline on when you need to complete the swap by, but we suggest doing it sooner rather than later in case the scheme closes. Royal Mail says it'll try to swap your stamps within seven working days.
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