Price hike on stamps to fill black hole in Royal Mail finances

The Royal Mail is planning shock increases in the cost of postage, with stamps rising by 3p in an attempt to avoid financial disaster.

The Mail online reports that the controversial proposal is designed to help rake in more than £100 million from customers in a year.

The record breaking increases have been sanctioned by the industry regulator Postcomm as an urgent measure to fill an enormous hole in Royal Mail's finances.

It's claimed unless the price hike goes ahead the organisation won't be able to meet it's obligation to provide a doorstep service to everyone.

The official customer body, Consumer Focus, has slammed the proposal as a 'low blow' and warned it will drive people away from using their services.

Royal mail is also pushing for increases in other postal charges with an average rise of 4.7 per cent, hitting both families and businesses.

Meanwhile Parcel2go services are running as usual with multi parcel collection and delivery from £4.99.

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