In a significant rebound from pandemic lows, British Wool reports a robust 20% surge in prices during recent auctions, signaling a remarkable recovery. The surge is attributed to escalating global demand for British wool, buoyed by the entry of three major buyers at the auctions. 

Graham Clark, Director of Marketing, notes the overall improvement in demand and prices, emphasizing a 20% rise, with specific sought-after types gaining 15p to 20p per kilo. The auctions are experiencing heightened competitiveness, attracting new buyers in recent years. 

Additionally, British Wool has strengthened its brand licensing scheme, collaborating with 130 global brands, amplifying the utilization of British wool in their products. 

While challenges persist in the UK's retail sector, positive market shifts, particularly in contract carpets and Chinese exports, are seen as encouraging signs. 

British Wool anticipates this upward trend to persist into 2024, offering optimism for member returns.