First class stamp price to rise above £1

The price of a first class stamp is to rise above £1 in April, Royal Mail has announced.

From 3 April, first class stamps will increase by 15p to £1.10p, while second class stamps will rise by 7p to 75p.

Royal Mail said the increases were needed to ensure the "one-price-goes-anywhere Universal Service remains sustainable".

It added the rises had been subject to "careful consideration" with letter volumes down 25% since the pandemic.

"We appreciate that many businesses and households are facing a challenging economic environment and we are committed to keeping our prices affordable," said Nick Landon, chief commercial officer at Royal Mail.

"We have to carefully balance our pricing against a continued decline in letter volumes and the increasing costs of delivering letters six days a week to an ever-growing number of addresses across the country."