London. Britain's state postal service Royal Mail Group yesterday announced huge price hikes for stamps from next month and ahead of the group's looming privatisation next year.
First class stamps would rise by 30 per cent to a record 60 pence ($0.95, 0.71 euros), from the current 46 pence, Royal Mail said in a statement that blamed the rise on slumping volumes and fierce competition from email and text messaging.
The cost of second-class stamps will jump by almost 39 per cent to a record 50 pence, from the current level of 36 pence. The new price changes would take effect from April 30.
The announcement came within hours of a decision by regulator Ofcom to give the postal service the freedom to set its own prices ahead of its planned privatisation.
Royal Mail Group chief executive Moya Greene defended the hikes, saying it was a matter of survival.
"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," Greene said in the statement.(AFP)
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