Record annual price rises for the cost of stamps will take effect on the 30th of April. The price of a First Class stamp for a standard letter will rise from 46p to 60p and the price of a Second Class stamp for a standard letter will increase from 36p to 50p.
Meanwhile the cost of a Large Letter stamp up to 100 grams will rise from 75p to 90p for First Class and from 58p to 69p for Second Class.
This follows the new regulatory framework announcement by Ofcom allowing the Royal Mail to set the prices.
Moya Greene, CEO, said: “We know how hard it is for households and businesses when our economy is as tough as it is now. No-one likes to raise prices in the current economic climate but, regretfully, we have no option.
“Royal Mail provides one of the highest quality postal services in Europe for amongst the lowest prices for both consumers and business. That service is under threat from declining volume, e-substitution and ever increasing competition.
“Because of these pressures Royal Mail has lost £1 billion over the last four years; the sustainability of the service is now at risk.”
She went on to say: “Price increases are needed to return the Universal Service to sustainability.”