Stamp prices to rise by a penny

The move will raise an extra £70m a year for the Royal Mail

The price of a second class stamp is set to rise by 1p to 21p next April, the Royal Mail has announced.

The increase is expected to add an extra £70m a year for the postal service, boosting its finances as the organisation undergoes a major shake-up

The price of a first class stamp will remain at 28p, but international prices will also go up in April.

Defending the increase, Royal Mail boss Adam Crozier said stamp prices would remain among the lowest in Europe.