How the Royal Mail stamp price increase will affect you

Months after the sale of Royal Mail, the company has announced stamp price hikes.

16:28 03 March 2014

Following the privatisation of the Royal Mail last October, the company has announced stamp price hikes. Today, it was confirmed that the price of first class stamp will increase by 2p to 62p on March 31 while a second class stamp go up by 3p to 53p. With Royal Mail’s power to increase stamp prices as much as it wants, it was now found that the cost of first class stamp has more than doubled since 2002.

 

So, how can it affect you?

 

Ian Murray, Labour’s Shadow Minister for Trade and Investment, said: “Labour warned that the decision to privatise Royal Mail could result in significant price increases.

“This will add insult to injury at a time when families are being hit by a cost-of-living crisis.

“Ministers have not only left taxpayers short changed to the tune of hundreds of millions of pounds in their botched Royal Mail fire sale, but they have given country’s postal provider free rein to raise prices which will have an impact on vulnerable customers and small businesses who rely on using Royal Mail stamps.”

Martin Forsythe, from campaign group Save Our Royal Mail, said: “Today’s above-inflation price hike by Royal Mail is another slap in the face for consumers.

“We warned that privatisation would lead to increased prices for families and small businesses.

“Royal Mail should keep to its promise to reinvest into the business, not pay out these excess profits as dividends to their shareholders.”

“Sadly, the British public continue to pay the price for the Government’s botched privatisation of Royal Mail”