Yes wool was massively important to the British economy up until about 100 years or so ago I think. Like you said the revenue built a lot of the churches and cathedrals and made the big landowners rich. I think the Highland clearances happened so that big landowners could farm sheep for their wool. (Imight be wrong about that though I'm no historian) there is still a wool sack used as a seat, I think by the speaker or the house of commons but again might be wrong about who sits on it, in the houses of parliament as a symbol of how important wool was to the British economy. Wool isn't worth very much now sadly with all the plastic fibre clothes that are so cheap.