Price of first class stamps to rise to 95p

The price of a first class stamp will rise by 10p to 95p as Royal Mail seeks to cover higher delivery costs while the number of letters being sent falls. Letter volumes have fallen by more than 60% since their peak in 2004-05 and by about 20% since the pandemic began. "We need to carefully balance our pricing against declining letter volumes and increasing costs of delivering to a growing number of addresses six days a week," he said. "As customer needs change and we see a greater shift from letters to parcels, it is vital that the universal service adapts to stay relevant and sustainable." Coronavirus lockdowns led to a sharp reduction in letter volumes, and Royal Mail lost £180m in revenue in the first half of 2020.In November 2020, the company said revenue from parcel deliveries had surpassed letters for the first time, fuelled by a surge in online shopping during the pandemic.

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