This is a hand made English knitted tea cozy or tea cosy made in the 1970s.

The medium tea cozy measures 6.5 inches high by 8.5 inches wide and features vertical ribbed panels of variegated green and tan and 2 openings for the spout and handle of the teapot.

The tea cozy or tea cosy is in excellent  used vintage condition with no stains, spots or pulls. 

It was suggested that tea cozies are also great at camouflaging less than perfect teapots that are too special to discard. They definitely keep the tea in the pot warmer longer.