London ∙ Royal Mail hiked stamp prices. 15 pence for the first class stamp and 7 pence for the second class stamp were added at once. The increase will be effective from April 1. A first class stamp currently costs 95 pence. This is what makes a pound rise to ten pence. The cost of a second class stamp will rise from 68 pence to 75 pence.
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The decision to increase the stamp price came just before the sale of stamps bearing the image of King Charles began in the market.
Royal Mail explained that it was forced to increase the stamp price in the background of a 25 percent reduction in the number of letters. Royal Mail also explains that the postal industry is going through a major crisis in the wake of the Covid pandemic.
The hike in stamp prices has been approved by government regulator Ofcom. Ofcom’s justification for allowing the price increase is that it has been able to control the price of second class stamps in order to ensure the availability of postal services to the general public.
Royal Mail is forecasting a loss of between 350 million and 450 million for the current financial year, facing problems including financial crisis, post-Covid situation and staff strike. This is also the reason for the increase in stamp prices.
English Summary: Royal Mail hikes stamp price
