Photograph by Chris Brown
The price of a first class stamp is to rise to 62p, with second class stamps rising to 53p from the 31 March, the Royal Mail has announced.
This change comes two years since the last stamp price rise, with Royal Mail saying in a statement:
We have thought carefully about the impact on our customers and our own business before deciding to increase our prices. We understand how difficult it has been for householders and businesses in the recent tough economic conditions.
The company says that they could have raised the price of second class stamps to 57p under current rules, and maintained that the postal service in the UK offers some of the best value in Europe, saying:
The European average for First Class letters up to 100g is 67p. The UKFirst Class stamp price remains well below this. The European average for Second Class letters, up to 100g, is 60p; the UK Second Class stamp price remains well below this.
60% of Royal Mail was sold off last year, and ministers continue to face criticism about the under-valuation of the business, with some banks originally valuing the company as high as £8.6 billion, before ministers decided to sell for the notably lower sum of £3.3 billion.
