With wool prices at a 25-year high and the natural fibre’s green credentials in tune with the sustainability agenda. an industry leader says the future has never looked better.

Sheep farmer Malcolm Corbett, who has become the new chairman of the Bradford-based British Wool Marketing Board which collects and auctions all wool grown by UK farmers, says growers, processors, designers and retailers are set to benefit from strong demand.

The price of British wool has doubled in the past two years – leading to one local merchant and processor firm handing over the largest ever cheque at a BWMB Bradford wool sale for £1.25 million.

Floods in Australia and demand from emerging markets pushed up the cost of fine wool on the Sydney Futures Exchange by 74 per cent to £9,400 a tonne in the past year, according to commodity analysts at Mintec.

And retailers, including Marks & Spencer, have warned that wool suits, jumpers and socks are set to become more expensive.

Mr Corbett said: “We must also continue to promote our fibre as natural and sustainable and as the environmental agenda rises we have a wonderful opportunity to reposition wool.

“The Campaign for Wool, headed by Prince Charles, in which we are major players is now proving increasingly significant as it has huge industry and retailer support. The future for wool has never looked better.”

A hill farmer in the Rede Valley in Northumberland close to the Scottish borders, Mr Corbett has 620 ewes.

He represents the Northern region on the BWMB board.

He has succeeded Sussex farmer Frank Langrish, who was BWMB chairman for 11 years.

He is also vice-chairman of the NFU national livestock board.

Mr Corbett believes that BWMB, which is due to move into a new base on Canal Road, has got through its tough times and has a strong future.

He said: “It still offers the best way to sell wool, because the prices we are seeing now are a direct result of its auction system, which ensures that best price is achieved in a competitive environment.

“Our results this season show that both clearance and price have improved consistently for over 18 months and most wool cheques will reflect the best returns for many, many years.

“The board has adapted its depot structure considerably and now provides a lean and effective system of processing, all of which is helping to reduce costs.

“Transport and collection continues to be adapted and I will focus on measures which decrease cost within this chain without loss of service.”

Meanwhile, Mintec said the higher cost of wool could cause the price of a suit to rise by as much as tern per cent as tailors and retailers pass on the increased cost of fibre to customers.

Marks & Spencer, one of the UK’s biggest clothes retailers, said it would try to resist passing price rises onto its customers.