Royal Mail Seeks Rate Increase

Royal Mail, the British post office, said yesterday that it will raise the cost of stamps by a pence in mid-April subject to approval from Postcomm, the postal industry's regulator.

Subject to Postcomm's agreement, the price of a First-Class stamp for items weighing up to 60 grams would rise from 27p to 28p and Second-Class from 19p to 20p.

Royal Mail first applied to increase the cost of stamps 10 months ago, but was denied by Postcomm.

Royal Mail said the extra penny would bring in about 15 million pounds a month, which will help tackle losses running at 1.1 million pounds a day.

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