March 3rd 2024.
Have you heard the latest news from Martin Lewis? The money saving guru has issued a warning to all Brits to stock up on stamps before April. Apparently, some prices are set to increase by a whopping 13% next month. That's quite a significant jump, so it's important to take note and plan ahead.
According to Martin Lewis' website, the price of a first-class stamp for a standard letter will go up by 10p, from £1.25 to £1.35. This represents an 8% increase in price. And it's not just first-class stamps that are getting more expensive. The cost of a large letter sent first-class will also rise by 15p, going from £1.95 to £2.10, again an 8% increase.
But that's not all. Royal Mail has also confirmed that the price of a second-class stamp for a standard letter will also go up by 10p, bringing the total cost to 85p. That's a whopping 13% increase! It may not seem like a huge difference at first glance, but when you consider how much stamps cost just a year ago, it's quite eye-opening.
In fact, a year ago, a first-class stamp only cost 95p. But in April 2023, it was hiked up to £1.10, and then increased by another 15p in October last year. That's quite a significant increase in just a short amount of time. And it's not just stamps that are getting more expensive. Charles' face is also about to cost more, as the prices for stamps with the Queen's head are set to rise as well.
In light of these price hikes, Martin Lewis has always suggested people stock up and bulk-buy stamps in advance, as long as they don't have a specific price printed on them. This tactic has proven effective in the past, as stamps are still valid even after a price increase. So it's definitely worth stocking up now before the prices go up again.
The Royal Mail has explained that they have no choice but to increase prices, as letter volumes have significantly decreased in recent years while costs have gone up. It's simply not sustainable to maintain a network built for 20 billion letters when they are now only delivering seven billion. It's an unfortunate situation, but one that they have to address.
But it's not all doom and gloom. While some household bills are expected to go up in April, there are also some positive changes coming our way. The national living wage is set to increase from £10.42 per hour to £11.44 per hour, while the standard minimum wage rate for younger workers will also rise from £7.49 to £8.60 per hour. Statutory maternity pay will also increase to £184.03 per week, and statutory sick pay will go up from £109.40 to £116.75 per week.
In other news, Martin Lewis has recently received an award at the Royal Television Society's annual awards in London. His consumer champion journalism has been helping the nation navigate the cost of living crisis, and in recent months he has shared valuable information on how people can claim back thousands of pounds on cars bought on finance and how to claim £1,000 for their child through an under-utilised government scheme.
As the saying goes, not all heroes wear capes. Martin Lewis may not have a cape, but he is certainly a hero to many who are looking to save money and navigate the ever-changing world of personal finance. So take his advice and stock up on stamps now before the prices go up next month.
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