After sitting back and listening to news about price cuts in North America and Australia at last the UK has something to celebrate itself.

Microsoft UK has announced that the price of the Xbox 360 will come down this coming Friday.

At the end of the week fans will be able to get hold of a Microsoft console for £249.99, which equals a £30 reduction. The core unit will be cut by £20 to £179.99.

Also coming this Friday is the Xbox Elite which has been given a rough price of £299.99, though we’ll have to wait and see if that comes true. And in addition to that there’ll be a host of accessories being launched including a detachable 120GB hard drive for around £129.99, a black wireless controller costing £32.99, and a black rechargeable battery pack going for £9.99.

Microsoft have been quick on the case of the PS3 in light of the price cuts, with Stephen McGill, head of gaming & entertainment, Xbox UK, saying, "We're pleased to be able to offer Xbox 360 at a new, lower estimated retail price".