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Who knows!
So far, it seems that the Japanese won't buy X-Box (too big for them, apparently), and X-Box isn't due to be released in the UK until 2002.
GameCube may or may not appear late this year.
So Sony may not feel the need to drop the UK price until early 2002, though I'd still put money on October/November this year - even if it's only £50.
Then, when release dates for X-Box/GameCube are confirmed, it may drop by at least another £50.
Who knows!