First class stamps to increase 10p to 95p as number of letters being sent falls by 20 percent

The price of a firstclass stamp will improve 10p to 95p from April with second class stamps rising by 2p to 68p, as Royal Mail says the variety of letters being despatched has fallen by 20 % because the begin of the pandemic.

The Royal Mail blamed the long-term decline in letter utilization, coupled with rising inflation, for the brand new costs coming into impact on April 4.

Letter volumes have fallen by greater than 60% since their peak in 2004/5 and by round 20% because the begin of the pandemic.

Nick Landon, chief industrial officer at Royal Mail stated: ‘We perceive that many firms and households are discovering it laborious within the present financial setting, and we are going to at all times maintain our costs as reasonably priced as doable.

‘While the variety of letters our postmen and ladies ship has declined from round 20 billion a yr to round seven billion since 2004/5, the variety of addresses they need to ship to has grown by round 3.5 million in the identical interval.

‘We have to fastidiously stability our pricing in opposition to declining letter volumes and rising prices of delivering to a rising variety of addresses six days every week.

‘As buyer wants change and we see a better shift from letters to parcels, it’s vital that the common service adapts to remain related and sustainable.

‘These value adjustments are essential to make sure we are able to proceed to take care of and put money into the one-price-goes-anywhere common service for future generations.’

Unite basic secretary Sharon Graham stated: ‘The Royal Mail boardroom is once more elevating costs whereas serving to itself to large earnings. It’s behaving like a short-term grasping speculator moderately than the accountable proprietor of a key UK public service.

‘With plans to slash 900 postal supervisor jobs and threats issued to Unite that collective bargaining agreements for our members can be ignored, Royal Mail’s homeowners are ruining this important service. Ofgem has to get a grip as a result of the common service obligation is at severe threat.

‘Unite’s postal managers are the center of this service and our union will again all of them the way in which on this combat to guard jobs and providers.’