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From 25 March, the price of a 1st Class stamp will increase by 3p to 70p and the price of a 2nd Class stamp will increase by 3p to 61p.

Royal Mail says “ these changes are necessary to help ensure the sustainability of the Universal Postal Service.”

The company says that Royal Mail’s stamp prices are among the best value in Europe when compared to other postal operators.

Royal Mail research shows that the European average for 1st Class letters (0-100g) is 99p. The UK 1st Class stamp price comes in at below this price. The European average for 2nd Class letters (0-100g) is 77p The UK 2nd Class stamp price remains below this.

Royal Mail is also making changes to the pricing structure of its Redirection service. From March 25, pricing will be based on the number of applicants rather than on a per-surname basis.