**Martin Lewis Warns Stamp Prices to Increase, Advises Stocking Up**
Renowned financial expert Martin Lewis has issued a “last chance” warning to stamp users, alerting them to an imminent price surge. The cost of a first-class stamp is slated to rise from £1.65 to £1.70 starting April 7, representing a significant increase from the 60p cost a decade ago. Lewis, known for his savvy money-saving tips, recommended stocking up on stamps before the hike, noting that stamps without a price printed on them remain valid after price adjustments. While the savings from buying now may be modest, Lewis emphasised the prudence of purchasing in advance.
The impending price increase affects both first-class and second-class stamps. First-class stamps are set to go up by 5p or 3% to £1.70, while second-class stamps will see a 2p rise, bringing them to 87p. Royal Mail, the UK’s postal service provider, attributed the price adjustment to escalating delivery costs. Chief Commercial Officer Nick Landon explained the complexities involved in their operations, highlighting the extensive network of transportation required for nationwide mail delivery at a mere 87p per item. Royal Mail’s letter volume has significantly decreased from 20 billion to 6.7 billion annually, with projections indicating a further drop to 4 billion in the next four years.
Moreover, Royal Mail’s coverage has expanded to incorporate an additional 4 million addresses in recent years, further straining cost per delivery. The company faced a substantial fine exceeding £10 million from the postal regulator Ofcom in December for failing to meet delivery targets, with over a quarter of first-class mail arriving late. Landon acknowledged the need for urgent reforms to sustain the universal service obligation of delivering mail to around 32 million UK addresses six days a week. This includes ongoing modernisation efforts to enhance the financial sustainability of the postal service.
As the price hike looms, Martin Lewis’s advice to stock up on stamps resonates with consumers looking to save on future postage costs. By purchasing stamps before the April 7 increase, individuals can mitigate the impact of rising prices and ensure continued access to postal services without paying the higher rate. Lewis’s proactive stance on managing personal finances aligns with his reputation as a trusted source of money-saving insights for everyday consumers. Stay informed and plan ahead to navigate the changing landscape of postal charges effectively.