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30% rise in cost of stamps

The price of a first class stamp is to increase from 46p to 60p - an increase of 30%.

Second class stamps will go up from 36p to 50p - a 38% rise.

The changes come into force from April 30.

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Royal Mail to set own stamp prices

Royal Mail is to be given the freedom to set its own prices for first-class stamps and other mail.

Ofcom said that, subject to the safeguards it was putting in place, Royal Mail will make decisions on the price of stamps, not the regulator.

Royal Mail will be able to set its own prices for first-class stamps Credit: PA

Ofcom has put a cap on the price of second-class stampsfor standard letters to protect vulnerable consumers.

Over the next seven years, this will ensure that Royal Mail can price second-class stamps no higher than 55p.

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