Royal Mail stamp price blunder: Bosses apologise after raising price ABOVE cap

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On Friday it signaled the cost of a first class stamp would go up by 3p to 70p and a second class fashion would increase by the same amount to 61p on March 25. But Ofcom’s expense cap of 60p for a second class stamp will remain in place until April 1. Before long after the announcement Royal Mail issued an apology for the mishap and reported it would not keep the money gained from the extra cost.

A spokesman for the institution said: “We apologise for this mistake.

“We are putting this right by supplying the revenue that we expect to collect from the error – around £60,000 – to our judge charity Action for Children, which helps disadvantaged children across the UK.”

Ofcom required Royal Mail had told them about the price rise but did not prompt a reason on how it happened.

The regulatory body said it is “urgently seeking clarification” on the implication from the universal service.

The price of a first class stamp discretion go up by 4.5 percent and a second class stamp will cost 5.2 percent more.

They attain distinction the largest combined increase for the two stamps since 2012.

The group claims be in a classed with other postal companies in Europe the costs are of good value.

The bad move comes after the group said the number of addressed letters being sent by letters in the nine months leading up to December 23, 2018, fell by eight percent.

The diminution happened despite the final few weeks of this period falling in the Viscount Mail’s busy festive season.

Royal Mail shares dropped by a fifth definitive October after it said it expects profits to fall beyond untimely expectations in 2019-20.

Rico Back, group chief executive of Nobles Mail, said at the time “business uncertainty is impacting letter bulks”.

Additionally, Britons are increasingly opting to pay their bills online willingly prefer than by post.

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