The price increase will see Netflix’s Standard package increase from £8.99 a month to £9.99 a month, meaning a total rise of £12 a year. This plan lets you watch Netflix in high definition on up to two devices at once, and download shows to up to two mobile phones or tablets.

The cost of Netflix’s Premium package will go up from £11.99 a month to £13.99 a month, equating to a £24 over the course of a year. This plan lets you watch Netflix in ultra-high definition on up to four devices at once, and download shows to up to four mobile phones or tablets.

However, the Basic Netflix subscription package, which gives users access to just one screen at standard definition, will remain at £5.99 per month.

The higher prices came into effect for new customers on 10 December. They take effect for existing customers this week, with the exact date dependent on the customer’s billing cycle.

Netflix started contacting customers about the price changes this week and plans to contact all affected customers in the next couple of months.

The decision to up prices comes a year after Netflix axed its 30-day free trial for new subscribers.

All Netflix plans can be cancelled at any time penalty-free. You cancel your membership by logging into your account and selecting ‘Cancel Membership’ in the membership and billing section.

Alternatively, subscribers can save money by downgrading from the Premium plan to the Standard package or Basic package. Once the price rises take effect, users on the Premium plan will be paying £96 a year more than those on the Basic package.

Nick Baker, streaming and TV expert at Uswitch.com, said: “Netflix has been a lifeline for many people during lockdown, so this price rise is an unwanted extra expense for households feeling the financial pressure.

“It’s unfortunate timing that this price hike coincides with another national lockdown, when all of us will be streaming more television and films than ever. During the first lockdown, the amount of streaming content watched by consumers rose a third on the previous year, and our viewing habits are likely to increase similarly this time.”