There can be no justification for raising prices. They should never have raised them last time, Nominet had far more income than it needed to operate the registry at the old £2.50/ yr price, hence being able to siphon off £tens of millions into the Nominet Trust (£44 million between 2008 and 2018 alone plus many millions more on failed ventures - so £5 million back to members is chicken feed). With such excesses, reg fees should have been lowered but as we all know there was very bad management at the helm, and ultimately they inflamed the wrath of the membership and had to pay the price with an untimely and ignoble eviction from office.
But now Nominet should act honorably towards its membership and reimburse members out of their more than ample revenue, then immediately lower prices in line with the cost base. Anything else would not be acting in the membership's interest or operating the registry efficiently for the public good.