News UK is to increase the price of weekday and Saturday editions of the Times, it has announced.

In a letter sent to retailers by News UK’s retail director Neil Spencer, it was announced that the weekday title will increase from £2 to £2.20 and the Saturday edition will increase from £2.20 to £2.50, from Monday 28th December. Retail percentage margins will be maintained at 21% resulting in a pence per copy margin rise of 4.2p and 6.3p per copy respectively.

News UK have said the price increases will result in an extra £19.6m through retailers’ tills over the next 12 months, and an additional £4.1m in retail margin.

But responding to the news, Gaurave Sood from Neelam convenience in Hillingdon, London said the change could result in fewer copy sales. He said: “Any price increase has an initial effect; customers don’t like it and as an act of rebellion they switch brand.”

He added: “Publishers can make up lost revenue by other means like advertising. Ultimately retailers lose out.”

News UK are advising retailers to update their till systems to reflect the new cover prices and barcodes. Subscription vouchers for the Times will also be credited at the new cover price for all valid vouchers, the publisher has confirmed.