Money
The Essential Skills Employers Look for in Candidates
When hiring new employees, employers look beyond just qualifications and experience. There are several essential soft skills and attributes that companies seek in job candidates during the recruitment process. Understanding the key skills employers want allows you to tailor your CV, interview answers and application to show you have these abilities. This article explores the top skills employers look for and how to demonstrate them throughout the hiring process.
Communication Skills
Strong communication skills are one of the most important attributes employers look for in potential hires. They want to see excellent verbal, written and interpersonal skills. This includes being able to express yourself clearly, listen actively, provide constructive feedback, and collaborate effectively with co-workers. Highlight your communication abilities on your CV by giving examples of presentations, reports or proposals you have created. If you aren’t sure how to craft a winning CV, you can use an online CV template. Provide instances of resolving conflict or misunderstandings positively. Use the job interview to demonstrate your interpersonal skills through active listening, thoughtful responses and appropriate body language. Being able to communicate effectively is vital for almost any role.
Problem-Solving Abilities
Employers need staff who can analyse issues, think critically and develop solutions. Problem-solving skills allow you to address challenges logically and with creative thinking. Give examples of problems you have solved in previous roles, whether through process improvements, new initiatives or overcoming obstacles. Use the job interview to describe your problem-solving approach with steps like gathering information, assessing options and implementing solutions. Show how you persevere to resolve issues. The ability to solve problems systematically shows you can handle challenges on the job.
Teamwork Skills
The ability to work cooperatively as part of a team is highly valued by employers. They need employees who can collaborate productively to achieve shared goals. Provide examples of team projects and highlight accomplishments your collaboration achieved. Discuss roles you have taken on teams, whether formal leadership or supporting team members. Use your job interview to share how you build positive team relationships, manage conflicts constructively and motivate teammates to excel. Working well in a team demonstrates you can contribute to an organisation’s success.
Adaptability and Flexibility
Today’s rapidly changing business environment requires employees who are adaptable and embrace change. Employers look for individuals who can adjust quickly when projects or priorities shift. Share examples of how you have adapted to changes in previous roles. Use your interview to demonstrate flexibility by expressing openness to new approaches, systems or responsibilities. Show that you can maintain consistent performance during periods of change. Adaptability allows you to thrive in evolving workplaces.
Time Management and Organisation
Employers need staff who can manage multiple priorities and complete work efficiently. Time management and organisational skills allow you to be productive and meet deadlines. Showcase how you have delivered results on time in past roles. Give examples of techniques you use for prioritising tasks, scheduling time and staying organised. Use the interview to describe your approach to long-term planning as well as responding flexibly to shifting deadlines. Demonstrate how you balance organisation with creativity. Strong time management shows you can juggle responsibilities and deliver results.
Motivation and Initiative
Companies value self-motivated professionals who take the initiative to achieve goals and go beyond basic requirements. Highlight accomplishments and quantify the impact you made in past roles. Use examples that demonstrate how you proactively identified opportunities for improvement. Discuss how you set challenging goals for yourself. During the interview, convey enthusiasm for the company and role. Share ideas you already have for contributing if hired. Showing motivation and drive indicates you are committed to excelling.
Digital Skills
Digital skills are becoming increasingly important for all roles. Employers look for proficiency in relevant software, applications and platforms. Tailor your CV and interview examples to showcase your digital capabilities. Demonstrate skills like data analysis, social media management or CRM systems. Being digitally savvy shows you can thrive in modern work environments. Highlight any experience with programming, website development, analytics tools or other technical abilities. Fluency with essential digital tools indicates you can perform and communicate effectively in a technology-driven job.
Employers look for job candidates with versatile skills like communication, problem-solving and adaptability. Tailor your answers and application to highlight the abilities companies seek. Show concrete examples of using these skills successfully in past roles. Demonstrate them during the interview through your responses, stories and interactions. With strong essential skills and the right experience, you can show employers you are the ideal candidate for the job.
Money
Money Marketing Weekly Wrap-Up – 30 Sept to 04 Oct
Money Marketing’s Weekly Must-Reads: Top 10 Stories
Key highlights include the Chancellor ‘likely to target’ £48bn pension tax relief in the Budget and the PFS-CII relationship being ‘blown wide open’ after the latest developments. Read more below:
Chancellor ‘likely to set sight on’ £48bn pension tax relief in Budget
PFS and CII relationship ‘blown wide open’ after latest saga
Tensions between the Personal Finance Society (PFS) and its parent body, the Chartered Insurance Institute (CII), have reignited after the CII appointed four of its executives, including CEO Matthew Hill, to the PFS board on 1 October.
This follows the controversial “Christmas coup” in December 2022, when the CII imposed directors on the PFS board due to governance issues. The move has drawn criticism from the campaign group OurPFS, which fears this could define the future of the PFS.
True Potential CEO Daniel Harrison steps down after seven years
True Potential CEO Daniel Harrison is stepping down after seven years in the role, following a planned transition since the firm’s partnership with private equity firm Cinven in 2021.
Harrison announced his departure to staff at the firm’s annual conference on 3 October. Co-founding True Potential 17 years ago, Harrison played a pivotal role in the firm’s growth to over 500,000 clients and £31.4bn in assets.
He expressed confidence in the executive team to lead the business forward post-departure.
FCA fines Starling Bank £29m for financial crime failings
The FCA has fined Starling Bank £29m for serious failings in its financial sanctions screening and anti-money laundering framework.
Despite agreeing to restrict opening new high-risk accounts in 2021, the bank opened over 54,000 such accounts between September 2021 and November 2023. An internal review revealed Starling’s automated screening system only checked a fraction of those on the sanctions list.
The FCA criticised the bank’s lax controls, but Starling has since implemented measures to improve its financial crime controls.
Abrdn Adviser hires chief technology and product officer
Abrdn Adviser has appointed Derek Smith as its new chief technology and product officer, starting in November.
Smith, previously CTO at Morningstar Wealth, will lead the integration of technology and product teams, driving innovation and scalability at Abrdn Adviser. CEO Noel Butwell highlighted Smith’s experience in delivering market-leading solutions during a time of digital transformation.
Smith joins amid a leadership expansion, following the recent hires of Verona Kenny as chief distribution officer and Louise Williams as CFO, as Abrdn Adviser focuses on growth and platform upgrades.
FCA secures first conviction for crypto ATM operation
The FCA has secured its first conviction for illegal crypto ATM operation in the UK. Olumide Osunkoya, 45, pleaded guilty to operating unauthorised crypto ATMs, using false documents and possession of criminal property.
Between December 2021 and September 2023, Osunkoya’s network of at least 11 crypto ATMs processed over £2.6m in transactions without conducting due diligence or source of funds checks. His machines, located in convenience stores, were used by those likely involved in money laundering or tax evasion.
Sentencing will take place at Southwark Crown Court.
Royal London chair Parry resigns
Kevin Carr: It’s almost as if we want to put people off…
Standard Life launches free pension-finding tool
Standard Life has launched a free pension-finding tool in partnership with Raindrop to help UK residents locate their missing pensions.
Research revealed that 19% of individuals with multiple pensions have lost track of at least one. Despite the advantages of consolidating pensions, 73% of people with multiple workplace pensions have not done so, often due to uncertainty or difficulty in the process.
Users can trace lost pensions by providing their former employer’s name and employment period, streamlining the search and aiding retirement planning.
Hang Seng ‘performed better’ during 2024 than S&P 500
Money
Nationwide to cut interest rates on savings – full list of accounts affected and if it’s worth switching
NATIONWIDE is cutting interest rates on a host of its savings accounts for the first time in four years.
The building society is slashing rates across the board following the Bank of England‘s (BoE) decision to drop base rate from 5.25% to 5%.
Base rate is the rate charged to high street banks which is then reflected in mortgage and savings rates.
Nationwide, which serves around 17million customers, says it will lower rates by between 0.10 to 0.20 percentage points from November 1.
It is the first time the building society has cut rates on its savings accounts since 2020, when the BoE last dropped interest rates.
Rates will fall on regular savings accounts, children’s accounts, limited access and easy access savings accounts.
Five of Nationwide’s 24 savings accounts won’t see any change in interest.
Its Continue to Save regular savings account will fall from 2.50% to 2.30% at the start of next month.
Meanwhile, its 1-year Triple Access Online Saver 15 will fall from 4.25% to 4.10%.
Its Instant Access Saver 10 account will be cut from 2.40% to 2.20% – a 0.20 percentage points drop.
Tom Riley, Nationwide’s director of retail products, said: “We have worked hard to limit the impact of the recent rate cut on our savers and have taken the decision to not reduce rates on those accounts encouraging a regular savings habit.
“Following these changes, our savings range will remain competitive, and we’ll continue to give savers every reason to put their money with Nationwide.”
The full list of Nationwide’s savings accounts and whether their rates are being cut is in our table below.
Product Type
Account
Previous Headline Rate
New Headline Rate
Change
Regular Savings
Start to Save 2
5.50%
5.50%
0.00%
Help to Buy
3.50%
3.35%
0.15%
Flex Regular Saver 2
8.00%
8.00%
0.00%
Flex Regular Saver 3
6.50%
6.50%
0.00%
Continue to Save
2.50%
2.30%
0.20%
Children’s
FlexOne Saver / FlexOne Regular Saver
5.00%
5.00%
0.00%
Child Trust Fund / Smart Junior ISA
4.00%
3.80%
0.20%
CTF Maturity ISA / Junior ISA Maturity
4.00%
3.80%
0.20%
Smart Limited Access
3.50%
3.30%
0.20%
Future Saver1
3.50% – 4.00%
3.30% - 3.80%
0.20%
Smart Saver
2.50%
2.30%
0.20%
Smart
2.50%
2.30%
0.20%
Limited Access
1 Year Triple Access Online Saver 15
4.25%
4.10%
0.15%
1 Year Triple Access Online ISA 14
4.25%
4.10%
0.15%
LTY Single Access ISA
3.75%
3.65%
0.10%
Single Access Saver / Single Access ISA
3.00%
2.80%
0.20%
Limited Access Saver / Limited Access Online Saver
2.50%
2.30%
0.20%
e-Savings Plus
2.50%
2.30%
0.20%
Triple Access Saver / Triple Access ISA
2.50%
2.35%
0.15%
Instant Access
Flex Instant Saver
3.25%
3.25%
0.00%
Loyalty Saver / Loyalty ISA
3.75%
3.60%
0.15%
Flexclusive ISA / Flexclusive Saver2
2.30% – 2.40%
2.10% – 2.20%
0.20%
Instant Access Saver 10
2.40%
2.20%
0.20%
Instant access savings accounts (e.g. Instant Access Saver, Instant ISA Saver, CashBuilder)3
2.25% -2.35%
2.05% – 2.15%
0.20%
The announcement from Nationwide comes as a number of other banks cut rates on savings accounts.
Santander recently slashed the rate on its easy-access savings account from 5.2% to 4%.
Chase, CHIP and The Co-operative Bank have also cut rates since the BoE’s decision to lower base rate to 5% in August.
Sarah Coles, personal finance expert from Hargreaves Lansdown, said: “It’s not a big surprise to see Nationwide cut rates, because we’ve seen them fall across the savings market as a whole.
“It remains relatively competitive for a high street bank, which is vital for those people who absolutely need to bank in a branch.
“Having said that, it leaves plenty of accounts looking distinctly lacklustre.”
What is the base rate and how does it affect the economy?
NINE members of the Bank of England’s Monetary Policy Committee meet eight times each year to set the base rate.
Any change to the Bank’s rate can have wide-reaching consequences as it directly influences both:
- The cost that lenders charge people to borrow money
- The amount of savings interest banks pay out to customers.
When the Bank of England lowers interest rates, consumers tend to increase spending.
This can directly affect the country’s GDP and help steer the economy into growth and out of a recession.
In this scenario, the cost of borrowing is usually cheap, and the biggest winners here are first-time buyers and homeowners with mortgages.
But those with savings tend to lose out.
However, when more credit is available to consumers, demand can increase, and prices tend to rise.
And if the inflation rate rises substantially – the Bank of England might increase interest rates to bring prices back down.
When the cost of borrowing rises – consumers and businesses have less money to spend, and in theory, as demand for goods and services falls, so should prices.
The Bank of England is tasked with keeping inflation at 2%, and hiking interest rates is a way of trying to reach this target.
In this scenario, the losers are those with debt.
First-time buyers will lose out to cheaper mortgage rates, and those on tracker or standard variable rate mortgages are usually impacted by hikes to the base rate immediately.
Those on a fixed-rate deal tend to be safe if they fixed when interest rates were lower – but their bills could drastically increase when it’s time to remortgage.
The cost of borrowing through loans, credit cards and overdrafts also increases when the base rate rises.
However, the winners in this scenario are those with money to save.
Banks tend to battle it out by offering market-leading saving rates when the base rate is high.
Should you switch?
If you’re a Nationwide customer with one of the affected savings accounts, you might be considering switching to another bank.
According to Moneyfacts, the best easy access account is currently with Ulster Bank which is offering a 5.20% interest rate, although you have to put in a minimum of £5,000.
Customers could try Cahoot’s 5% savings account which you can start adding to with just £1.
The best regular savings account is with Principality Building Society, which is offering 8% interest.
Meanwhile, the most competitive Children’s account is with Saffron Building Society which is 5.55%.
Sarah suggested for those looking to get a better limited access account Coventry BS’ Triple Access Saver is offering 4.83%
She suggested looking at challenger instead of major banks to get some of the best rates on other accounts too.
“You’ll get a far better rate by looking beyond the high street, and considering online bank accounts or online cash savings platforms.
“You can track down the best performers using a price comparison site.
“However, if you know this isn’t something you’ll have the energy for on a regular basis, you can use an online cash savings platform, like Raisin or Active Savings.
“These have competitive rates from a large number of banks, and let you switch between different accounts from different banks without having to complete fiddly paperwork, and with just a handful of clicks of the mouse.”
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Is FCA’s new common-sense focus a risk or reward?
In a landmark case which established the modern law of negligence and the principle of duty of care (Donoghue v Stevenson, 1932), Donoghue sued a ginger beer manufacturer after becoming seriously ill and finding a decomposed snail in her bottle.
The court ruled in her favour, concluding manufacturers owe a duty of care to consumers even in the absence of a contractual relationship.
The application of a common-sense approach to customers’ rights is the same judgement the Financial Conduct Authority intends for firms when applying Consumer Duty.
Proportionality is a watch word for skilled persons as well as regulators – and it should be for firms
Both the FCA and the new government have recently signaled a desire to encourage growth in UK financial services and to promote competition. In part, this can be achieved through more principles-based regulation such as Consumer Duty.
This summer, the FCA announced it would seek to “reduce burdens on firms and support growth” using the opportunity of the Duty and the move to an outcomes-based approach to streamline its rulebook.
A willingness to streamline detailed rules is likely to be welcomed by firms – but it is not without risks when it comes to interpretation and application.
The tension between securing consumer protection and promoting a healthy market is a balancing act which has always existed for the regulator.
The new focus on growth and principles-based regulation could lead to greater uncertainty around interpretation of the rules
On a micro level, we have seen it play out in the skilled person reviews. There’s always a consideration as to how far an intervention should go when balancing the risk of harm to consumers versus unnecessarily damaging a viable firm if the rules are interpreted too stringently.
Proportionality is a watch word for skilled persons as well as regulators – and it should be for firms.
Implications of new ‘growth’ agenda
The regulator has been fairly stringent in its demands over the last five years at firm supervision level around controls and the timeline for embedding these into practice.
Emphasising growth and competition, even as secondary objectives, may result in a reduction in the time required by the regulators for newly enhanced controls to be embedded – for example, three to six months, rather than six to 12 months.
In addition, the principles-based approach of Consumer Duty might point the way in other areas traditionally heavy on prescriptive application, such as Client Assets (CASS) Rules.
We’ve seen high staff turnover at firms and the FCA, which risks inexperience and inconsistency making these calls
In applying CASS, we have seen very specific rules – such as the need to delete square brackets that denote where text is to be added to a template document – resulting in the regulator instructing firms to reissue and re-execute the documents, at significant cost and effort.
So, the new focus on growth and principles-based regulation could lead to a reduction in cost for firms and, in extreme cases, avoid insolvencies. It will, however, also lead to greater uncertainty around interpretation of the rules.
Interpretation will require a higher level of skill and experience from both firms and the regulator to form judgement calls around principles-based regulation.
We’ve seen high staff turnover at both firms and the FCA over the past few years, which risks inexperience and inconsistency when it comes to making these calls. As the new direction becomes embedded, it will be important for the regulator and regulated firms to have experienced personnel in key roles.
What should firms do?
Firms should train and upskill both staff and board members to be able to apply more principles-based regulation.
Staff should be made aware they are doing more than simply following a set of rules, but rather thinking through the intention behind the regulation.
The new direction from the regulator should create opportunity for financial services firms
There will also be a greater requirement from non-executive directors (NEDs) to raise challenging questions at board meetings around achieving regulatory purpose, rather than simply tracking key performance indications or key risk indicators.
The board should also be able to challenge management information they receive along these lines.
In addition, NEDs can bring invaluable experience of how other firms are interpreting principles. While a “me too” approach is not helpful, an understanding of the range of peer interpretations is valuable input.
We see a lot of small firms without independent NEDs (iNEDs) on the board. While costs can be an issue (sometimes more perception than market tested reality), an iNED can help avoid regulatory missteps.
Ultimately, the new direction from the regulator, enabled by the government’s pro-growth and competitiveness agenda, should create opportunity for financial services firms. But it will also require a more nuanced and enquiring mindset around the application and intention of regulatory requirements.
John Higgins is chief executive of Pathlight Associates
Money
£2m luxury Devon home with heated pool could be yours in new Omaze House Draw
A STUNNING 3-bedroom coastal home in Devon worth over £2 million could be yours in the Omaze Million Pound House Draw.
One lucky winner will get the keys to this beautiful contemporary home – you can purchase entries from as little as £10.
Devon Omaze Million Pound House Draw
This two-tiered West Country residence comes complete with countryside views, a guest annexe and a heated pool.
In addition to the property itself, the Omaze winner will receive £250,000 in cash to help them settle in.
Along with the prize comes huge financial flexibility: the winner has the option to move straight into this gorgeous Devon retreat, rent it out, or even put it back on to the market.
An estimated monthly rental income of £4,000 means that this home could also serve as a seriously lucrative investment.
One of the most attractive aspects of the Million Pound House Draw is that there are no hidden costs.
Not only will you not have to worry about paying stamp duty, but mortgage fees and conveyancing costs are also covered.
The house also comes with all the furnishing included, so you’re completely free to move in without digging into that quarter-million cash prize.
This luxe three-bed and two-bath home is situated in the scenic town of Exmouth, which is 12 miles from Exeter, Devon’s second-largest town.
It strikes the perfect balance between coastal living and quick city access.
Devon Omaze Million Pound House Draw
You’ll get amazing countryside views thanks to the floor-to-ceiling glass that’s in every room, which fills each space with natural light.
The property is also close to Orcombe Point, a UNESCO World Heritage site famous for its dramatic landscape.
Then there’s the annexe, which contains its own kitchen area and boasts stunning views: the perfect place for guests to stay.
Anyone who works from home will also be happy to find a dedicated study space, with Scandinavian-inspired decor and space-saving ladder shelving.
Devon Omaze Million Pound House Draw
What’s more, by entering early, you’ll give yourself a chance to win not one but two luxury cars.
Alongside the dream Devon home and the £250,000 cash prize, early entrants are also in the running to win BOTH a Porsche Cayenne E-Hybrid and a Porsche Boxster S.
The Cayenne is a perfect family four-by-four, while the Boxster is a sleek sports car. The total cost for both cars totals over £170,000.
The Omaze Draw isn’t just about changing one lucky winner’s life, however, it also makes a significant impact on society.
A minimum donation of £1m from the Devon House Draw will be given to Campaign Against Living Miserably (CALM).
CALM’s mission is to help people struggling with life find hope and a reason to stay.
This substantial contribution will help fund CALM’s suicide prevention helpline for six months, allowing the organisation’s staff to answer over 80,000 calls and provide crucial support to those in their time of need.
Terms and conditions: Over 18s and UK residents only. No purchase is necessary. Visit omaze.co.uk for full terms and to enter. House closes 27/10/2024.
Money
Pre-Budget ‘backdrop of fear’ putting advisers under too much pressure
As the 30 October UK Budget approaches, speculation and uncertainty about potential reforms are rampant.
The Labour government, facing significant political and manifesto constraints, appears to be gearing up for major tax policy announcements, despite not running on a tax reform mandate.
The Office for Budget Responsibility has warned UK debt is on an unsustainable path, and chancellor Rachel Reeves has pledged no return to austerity and no changes to major taxes like income tax, National Insurance (NI) and VAT.
This leaves her with little room for manoeuvre in addressing the daunting task of an apparent £22bn ‘fiscal black hole’.
By focusing on the fiscal black hole without a clear roadmap, the government fostered a backdrop of fear ahead of its first Budget
This approach has created a fertile ground for rumours and conjecture, unsettling clients.
By focusing on the fiscal black hole without a clear roadmap, the government inadvertently fostered a backdrop of fear three months ahead of its first Budget.
Stability and predictability are crucial for sound financial decisions, yet the current approach offers neither. The recent dip in UK consumer confidence, highlighted by the latest British Retail Consortium data, reflects this uncertainty, especially among older generations who fear the Budget’s impact.
Confidence among business leaders in September was also at its weakest since December 2022, according to the Institute of Directors’ Economic Confidence Index.
I have written to the chancellor expressing the immense pressure financial advisers are under
This vacuum has led to speculation about potential policy reforms, particularly regarding pensions. Over the past months, theories have ranged from plausible to alarming, affecting those planning for retirement.
I have written to the chancellor expressing the immense pressure financial advisers are under to second guess potential Budget outcomes due to the lack of government communication regarding pension plans, and to ask that any reforms to pension policy are introduced with a clear roadmap, ensuring the public is well-informed and well-prepared for changes.
Advisers tell me they have been inundated with calls from concerned clients, many of whom are at risk of making knee-jerk decisions that could derail their long-term plans.
Advisers have been inundated with calls from concerned clients, many of whom are at risk of making knee-jerk decisions
Who knows what actions might have been taken by those choosing not to take the counsel of an adviser. The current approach seems likely to result in foreseeable harm to retail customers.
So, where might the ‘tax axe’ fall?
Labour seems to have adopted the Tory strategy of freezing income tax thresholds for at least the next three years, which will continue to raise revenue as earnings increase.
Additionally, the government may reassess inheritance tax reliefs, potentially removing, capping or redefining benefits like agricultural property relief and business relief.
This is all very well but think tanks don’t have the experience of implementation
Alarmingly, given pensions have only recently seen major reforms to the lifetime allowance and tax-free cash entitlement, reports from think thanks and research houses are urging HM Treasury to consider restrictions on the 25% tax-free cash lump sum on pensions or changes to pensions tax relief.
This is all very well but think tanks don’t have the experience of implementation and, without consultation and clear communication, such plans could lead to unintended consequences and ill-considered withdrawals.
The government must provide more clarity on long-term pension policy to prevent speculation and poor decisions. Denying access to previously promised benefits would distress savers who have structured their retirement strategies around existing rules.
Advisers, who are on the frontline fielding calls from anxious and confused clients, need clear assurances about long-term policy
There is more recent speculation that the government may remove the NI exemption on employer pension contributions. While this may be more politically acceptable after the backlash over the winter fuel policy, as it does not directly impact consumers, it is not a pro-growth policy.
In time, the move would risk impacting working people due to employers potentially passing on the increased costs by reducing the level of contributions they make on behalf of employees.
Similarly, the benefit of salary sacrifice arrangements used by employees will yield a lower eventual pension contribution impacting what they put away.
The government must balance managing expectations with encouraging business investment, consumer spending and investor confidence
Financial planners, who are on the frontline fielding calls from anxious and confused clients daily, stopping them from making hasty decisions, such as prematurely withdrawing pension funds, need clear assurances about long-term policy direction ahead of fiscal events.
With the UK showing no growth in June or July and waning sentiment, the government must balance managing expectations ahead of 30 October with encouraging business investment, consumer spending and investor confidence.
Steven Levin is chief executive of Quilter
Money
Martin Lewis warns it’s your ‘last chance’ to stock up on stamps before 22% price hike next week
MARTIN Lewis has warned Brits to stock up on first-class stamps before next week’s 22 per cent price hike.
The price of first-class stamps will rise by 30p to £1.65, the second rise in a year, Royal Mail confirmed.
The delivery giant revealed that the price hike will be in effect from Monday 7.
Martin Lewis is urging Brits to bulk-buy first-class stamps in advance as they are “still valid after the hike”.
He said: “For years, every time stamps go up in price I’ve suggested people stock up and bulk-buy in advance, as provided the stamp doesn’t have a price on it and instead just says the postage class, it’s still valid after the hike.
“So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”
The founder of Money Saving Expert has also warned Brits against buying fake stamps when stocking up.
He recommended buying from reputable high street stores and making sure to keep the receipt.
Stamps can also be bought directly from the Royal Mail online shop, but you have to spend £50 to get free delivery.
In April, the UK postal service announced it had paused the £5 penalty for anyone receiving a letter with a fake stamp.
However, you still risk facing charges if caught sending mail with counterfeit stamps.
Royal Mail has introduced a new stamp scanner, available for free via their app, to check if stamps are genuine.
The price increase for first-class stamps is the second one this year after they rose by 10p to £1.35 in April and by 10p to 85p for second class.
The company has frozen the cost of second-class stamps at 85p until 2029 in a bid to keep the sending of letters affordable.
Royal Mail says it has tried to keep price increases as low as possible in the face of declining letter volumes, and inflationary pressures.
When announcing the price rise earlier this month, it also cited the costs associated with maintaining the so-called Universal Service Obligation (USO) under which deliveries have to be made six days a week.
Royal Mail said letter volumes have fallen from 20billion in 2004/5 to around 6.7billion a year in 2023/4, so the average household now receives four letters a week, compared to 14 a decade ago.
The number of addresses Royal Mail must deliver to has risen by 4million in the same period meaning the cost of each delivery continues to rise.
Nick Landon, Royal Mail’s chief commercial officer, said: “When letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases.
“The universal service must adapt to reflect changing customer preferences and increasing costs so that we can protect the one-price-goes anywhere service, now and in the future.”
How prices have changed
Royal Mail previously raised the price of first-class stamps from £1.10 to £1.25 last October, before boosting them again in April.
Right now, a first-class stamp costs £1.35, which covers the delivery of letters up to 100g.
Historically, the cost of stamps has seen a steady increase over the years, reflecting inflation and operational costs. For example, in 2000, a First Class stamp was priced at 41p.
A second-class stamp is priced at 85p and also covers letters up to 100g.
The stamps can be bought individually if you buy them at a Post Office counter.
Stamp Price Changes
Royal Mail has announced a price hike by 22 per cent for first-class stamps, with the cost of second-class stamps remaining the same.
First – standard:
Current price – £1.35
Price from Monday 7 – £1.65
Price rise – 30p (+22 per cent)
First – large:
Current price – £2.10
Price from Monday 7 – £2.10
Price rise 50p (+24 per cent)
Second – standard:
Current price: 85p
Price from Monday 7 – 85p
No change
Second – large
Current price: £1.55
Price from Monday 7 – £1.55
No change
Otherwise, you can typically buy them in sets of multiple stamps.
The first class service typically delivers the next working day, including Saturdays, while the second class service usually delivers within 2-3 working days, also including Saturdays.
For larger letters, the cost of a first-class stamp is £2.20 for items up to 100g, and a second-class stamp for the same weight is £1.55.
Parcel delivery prices vary based on size and weight, starting from £3.69 for small parcels.
Additional services include the “signed for” option, which requires a signature upon delivery and adds an extra level of security.
The cost for first class signed for is £3.05, and for second class signed for, it is £2.55.
The “special delivery” service guarantees next-day delivery by 1pm with compensation cover, with prices starting from £7.95.
Royal Mail periodically reviews and adjusts stamp prices, so it is advisable to check the latest rates on their official website or at your local post office.
Other Royal Mail changes
Royal Mail has urged the Government and Ofcom to review its obligations, arguing that it is no longer workable or cost-effective, given the decline in addressed letter post.
In its submission to Ofcom in April, it proposed ditching Saturday deliveries for second-class post and cutting the service to every other weekday.
Lindsey Fussell, Ofcom’s group director for networks and communications, said: “If we decide to propose changes to the universal service next year, we want to make sure we achieve the best outcome for consumers.
“So we’re now looking at whether we can get the universal service back on an even keel in a way that meets people’s needs.
“But this won’t be a free pass for Royal Mail – under any scenario, it must invest in its network, become more efficient and improve its service levels.”
Royal Mail owner International Distribution Services (IDS), which agreed to a £3.57billion takeover by Czech billionaire Daniel Kretinsky in May, said “change cannot come soon enough” to the UK’s postal service.
Royal Mail also ousted old-style stamps and replaced them with barcoded ones last July.
The business said the move would make letters more secure.
Anyone who still has these old-style stamps and uses them may have to pay a surcharge.
How stamp prices have risen over time
The cost of a book of stamps has risen gradually over the past few decades.
First-class stamps were worth 60p in the early 2010s and are now priced at £1.35.
Second-class stamps were also worth 50p in the early 2010s but now sell for 85p.
First-class stamps cost 95p at one point in 2023, before being hiked to £1.10 last April. They were then raised by 15p to £1.25 last October.
The latest hike on first-class stamps to £1.65 in October means they will have risen by a staggering 43% since just last year.
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