Royal Mail has said it will increase the price of first class and second class stamps.

The postal firm said the price of a first class stamp will jump 6p to 76p and the price of a second class stamp will rise 4p to 65p from March 23.

The company said the price increases are “necessary” to ensure the sustainability of its universal service.

Royal Mail said it is “operating in a challenging business environment” and is likely to be loss-making in the current financial year.

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The Royal Mail logo (Chris Radburn/PA)

Stephen Agar, managing director of letters at Royal Mail said: “We are operating in a tough market at present, under the threat of making a loss by 2021.

“These price increases will help us maintain the quality of service that is expected by our customers, while supporting the universal service.”