First class stamps to cost £1.25 from October as Royal Mail calls for end to Saturday deliveries – Reading Today Online

ROYAL MAIL has announced that due to rising prices, the cost of a first class stamp will be £1.25 from next month.

It is the second price increase this year – in April, the cost rose from £1.10. Last year, it was 85p.

The company says it reported a £419m loss in May, and is pushing the government to end Saturday deliveries, meaning it would only send out mail to households on weekdays.

It also said the number of letters delivered annually has dropped from 20 billion in 2004/05 to seven billion in 2022/23, but there has been an additional four million addresses created in that time.

Nick Landon, Chief Commercial Officer at Royal Mail said: “We understand the economic challenges that many of our customers are currently facing and have considered the price changes very carefully in light of the significant decline in letter volumes.

“Letter volumes have reduced dramatically over recent years, down more than 60% from their peak in 2004/5 and 30% since the pandemic. It is vital that the Universal Service adapts to reflect this new reality.”

In March, Matthew Upton, director of policy at Citizens Advice, expressed concerns at the previous increase.

“These record-breaking prices couldn’t be coming at a worse time for consumers, who’ll now be paying 64% more for a first class stamp than five years ago. Almost one in five people are already struggling with current prices for second class stamps,” he told The Guardian.

“Royal Mail is choosing to hike prices at a time when millions are missing important letters, thanks to post delays. Nobody should be paying more for this kind of sub-par service.”