Stock up on First Class Stamps Before Price Hike, Advises Martin Lewis

Martin Lewis, the MoneySaving expert, is urging people to stock up on first class stamps before their price hike this weekend. Starting from Monday, October 2nd, the price of first class stamps will rise by 14%, increasing from £1.10 to £1.25. However, there is a window of opportunity to purchase stamps at the current price before the increase takes effect.

Lewis recommends taking advantage of this opportunity as stamps without a specific price printed on them will remain valid even after the price hike. He suggests bulk-buying stamps for future use, such as Christmas cards, as the cost has steadily risen over the years. In 2012, first class stamps were priced at just 60p.

The price increase only applies to first class stamps, while the cost of second class stamps will remain unchanged at 75p. Royal Mail explains that these adjustments have been made in response to the decline in letter volumes, which have decreased by 60% since 2004/5 and by 30% during the pandemic.

Royal Mail’s chief commercial officer, Nick Landon, acknowledges the challenging economic situation faced by customers and assures that the price changes were carefully considered. He emphasizes the need for the postal service to adapt to the changing reality of reduced letter volumes.

In July, Royal Mail introduced barcoded versions of stamps featuring Queen Elizabeth II, discontinuing the regular non-barcoded versions. Those who still possess the old stamps can exchange them for the new barcoded versions.

To avoid the upcoming higher price for first class stamps, Lewis advises stocking up on them before the price increase. With no expiration date on valid stamps, this strategy can help save money in the long run.

Definitions:
– First class stamp: a postage stamp used for sending standard, non-urgent mail.
– Second class stamp: a postage stamp used for sending less time-sensitive mail.
– Price hike: an increase in price.
– MoneySaving expert: an individual knowledgeable about personal finance who provides advice on saving money.

Source: Liverpool Echo (source article contained no URLs)