Royal Mail has issued a warning over postal prices as it suggests that another major price hike could be likely amid rising costs.
More people than ever are searching for how to save money (opens in new tab) on utility bills or wondering how to save on fuel (opens in new tab) as the cost of living crisis continues to affect households across the country. However, whilst many Brits are doing their best to save wherever they can, from reclaiming unused Tesco Clubcard vouchers (opens in new tab) to heeding the Boots Advantage Card warning (opens in new tab), it seems the cost of sending a letter or parcel could be about to rise once again.
For anyone wondering when the stamps went up in price (opens in new tab) in 2022, sadly this came into force in April. Though now, according to The Guardian (opens in new tab), Royal Mail has now warned that it's likely they could raise the price of stamps and letters again.
This potential price hike could reportedly come as part of their efforts to combat post-pandemic decrease in deliveries as well as rising costs. Royal Mail reportedly shared that they'll try make up for lower revenues and higher energy and staff costs through a series of “price increases and growth initiatives” carried out over the next year.
Meanwhile, as reported by Birmingham Live (opens in new tab), Royal Mail’s chief executive Simon Thompson declared, "As we emerge from the pandemic, the need to accelerate the transformation of our business, particularly in delivery, has become more urgent."
"Our future is as a parcels business, so we need to adapt old ways of working designed for letters and do it much more quickly to a world increasingly dominated by parcels," he added. "Our focus now is to work at pace with our people and our trade unions to reinvent this British icon for the next generations, so that we can give our customers what they want, grow our business sustainably and deliver long-term job security for our great team."
This comes as the April price increase from Royal Mail saw first class stamps rise by 10p to 95p, whilst 2p was added to second class stamp prices, seeing them rise to 68p. For anyone who prefers to buy their stamps in bulk this will likely be all the more noticeable.
It’s not known when a new potential price hike could be put in place after this Royal Mail warning or exactly how much stamps could go up by. It comes as the postal service announced earlier this year that another major change will be coming into force next year.
As revealed on the Royal Mail website (opens in new tab), they will be adding barcodes to stamps and any non-barcoded stamps you still have after January 31st 2023 won’t be valid any longer. Customers can swap their old stamps for the barcoded ones with their Stamp Swap Out scheme.
Expressing concern about this change from regular to barcoded stamps to Devon Live (opens in new tab), managing director of wealth managers, Phillip J Milton & Company Plc, Philip Milton expressed his belief that the demonetisation after that date is “wrong”.
He added, “There are elderly people who have collected all their lives who are having that function withdrawn from them. Plus, money saving experts have always encouraged people to buy stamps in bulk to save money when the price goes up. It’s yet another cost to people struggling to make ends meet”.
With this stamp change looming on the horizon, Royal Mail’s warning of another potential stamp price increase will no doubt be met with concern from many people who use the postal service regularly.
Emma is a Senior Lifestyle Writer with six years of experience working in digital publishing, ranging from book publishing to magazines. She currently looks after all things Lifestyle for Woman&Home, Goodto.com, and My Imperfect Life.
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