I can't believe I'm about to type these words, but:
"to be fair to 123-reg"
the domain renewal price rises are a consequence of Nominet's (and ultimately ICANN's) policies, and all registrars have had to increase their pricing by quite a large hike.
What is slightly disingenuous is that a lot of registrars seem to be keeping the price down for initial purchase, but stinging you for renewals.
Biting the hand that feeds IT
