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News - 30 April 2012

Royal Mail's stamp price rises come into force

Royal Mail announced on 27 March that the cost of a host of postal services would rise on 30 April. A first-class stamp now costs 60 pence, having risen from 46p, while a second-class stamp costs 50p after going up from 36p.

It was reported that some shop keepers had a rush on stamps that was almost like Christmas as customers stockpiled before the rise came into effect.

The 30% price rise in first-class stamps and 39% rise for second-class, mark the biggest annual increase in percentage terms since 1975. Ten years ago, a first-class stamp cost 27p, and a second-class cost 19p.

Chief executive Moya Greene said the new prices were "incredible value for money", and argued that despite the rise, a first class stamp would still be in the bottom half of most prices in other European countries, and around half the cost of posting letters in France and Germany.

The increase followed a ruling from the communications watchdog Ofcom that the Royal mail was allowed to introduce a series of measures to safeguard the UK’s postal service: one of them was charging what they like for stamps.

Research has shown that 51% of small and medium sized businesses post business correspondence every day, with a further 26% of entrepreneurs using the service at least once a week. It also found that businesses which send 10 invoices each day by first-class post will be paying an additional £338 per annum compared to last year because of the price hike.

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:

“Even allowing for the increase in packet deliveries with the rise in internet shopping, Royal Mail deliveries have been steadily declining by 5% per year.”

If you need any help and advice for your business contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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