Price of stamps to soar from tomorrow

STAMP prices will soar to almost £1 from tomorrow as the cost of living crisis continues to bite.

The cost of postage will jump on Monday, with the price of first class stamps rising 10p to 95p each.

A first class stamp cost just 76p in 2020, meaning costs have risen by 25% in two years.

Consumers will also have to pay more for second class stamps from April 4, as they’re increasing by 2p to 68p.

The hike comes as households across the country are hit by rising energy costs, food prices and tax bills.

The average gas and electricity bill has soared by almost £700 a year for millions of consumers after the energy price cap went up on April 1.

Meanwhile, council tax bills are also shooting up across the UK, and shoppers are facing higher prices at the supermarket.

Royal Mail announced the price increases earlier in March, blaming the decision on fewer people sending letters.

The postal service said the number of letters being sent has fallen 60% since 2005.

Since the start of the pandemic, there are 20% fewer letters being mailed.

Royal Mail also said rising inflation has contributed to the rising price, and that the rise is necessary to meet its Universal Service obligation.

That obligation means the postal service has to deliver letters to 31million home and business addresses six days a week for one price.

Nick Landon, chief commercial officer at Royal Mail, said: “We understand that many companies and households are finding it hard in the current economic environment, and we will always keep our prices as affordable as possible.”

Royal Mail announced in February that it is moving to a new barcode system, which doesn’t include the use of current stamps.

It’s in an attempt to make letter sending more secure, but it doesn’t make post any easier or cheaper for customers to track.

From January 31, 2023, you won’t be able to use the current style of stamps that feature an image of the Queen’s head.

Instead, only the new style stamps complete with their new barcodes will be valid, and you’ll face a surcharge trying to use anything otherwise.

However, MoneySavingExpert reported that the postal service has made a partial U-turn, and old Christmas stamps will still be valid after that date.