Second class stamps to rise sharply to 55p - more reasons to use ParetoPost™
23rd January 2012
The price of second class stamps is set to rise by more than 50 per cent, under plans laid out by Royal Mail.
The national mail organisation said it is hoping to increase second class stamps by 53 per cent from 36p to 55p, and insisted that the increase was still “affordable” for “vulnerable groups”.
Royal Mail, which posted group profits of £1million a day for the most recent six month period, would then be free to increase the price of second class stamps from as early as April.
The price of second class stamps would then rise further by inflation every year for seven years. There would be no limit on the price of a first class stamp, which currently costs 46p.
Such a large price rise could lead to consumers stockpiling books of second class stamps to take advantage of the cheaper cost of postage before prices go up.
Ofcom, the postal regulator, is now considering the request, and will decide whether to give it green light in a few weeks’ time.
The take-up of mail services has been badly dented by the expansion of email, broadband internet and the widespread use of mobile phones over the past decade.
Last November, Royal Mail reported a surprise jump in bottom-line profits to £176million in the six months to 25 September, which included a £146million one-off profits from the sale of properties. The UK letters, parcels and international business lost £41million after modernisation costs.
Royal Mail said at the time: “Were it not for profits from its GLS parcels business – £58 million – and the Post Office Limited – £55 million – the group overall would have made a loss”.
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* According to the Federation of Small Businesses (FSB) “The true cost of sending a letter in the UK, including paper, envelope, toner, machine rental, post and time is between 90p and £1.20 (depends on staff hourly rate).
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