Guardian raises cover price to £2

Guardian Media Group has announced that it will increase the cover price of the Guardian’s weekday and Saturday UK editions by 20p and the Observer by 10p.

Amid forecasts that Guardian News & Media (GNM) operating losses for the year ending March 2016 could be as high as £52 million, from 16 April the Guardian’s weekday print edition will be priced at £2, the Saturday edition at £2.90 and the Observer at £3. Subscription costs will remain the same.

Earlier this year GNM outlined ambitious plans to cut overall costs by 20% over the next three years – shaving off more than £53 million from its current £268 million annualised cost base.

In a statement, a spokesperson for GNM said: “Our readers recognise the high quality of our journalism – such as our ongoing coverage of the Panama Papers – and their loyalty is something that we truly value.

“However, this is an increasingly challenging market for all newspapers and by raising the cover price we are able to keep investing in our journalism and all our print and digital products, ensuring that both the Guardian and the Observer can continue their proud history of powerful journalism.”

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The price changes will also impact Guardian and Observer newspapers in Ireland and the Channel Islands.

In Ireland, the cost of the weekday edition will rise by €0.50 to €2.50, the Saturday edition by €0.60 to €3.50 and the Observer by €0.50 to €3.30, while in the Channel Islands the weekday edition will increase by 20p to £2.40, the Saturday edition by 20p to £3.30 and the Observer by 10p to £3.40.

The Guardian currently sells around 161,200 copies a day, while the Observer flogs approximately 183,600.