Microsoft has confirmed earlier rumours that it's cutting the price of the Xbox 360 in Europe, starting this Friday the 14th. You can now get an entry-level Arcade pack for a tiny £159.99, and the normal bundle (which is no longer called Premium, if the press release is correct) with the 20GB hard drive and wireless controller for £199.99.
Even the top-end Elite has lost a few pounds, down to £259.99, and Microsoft reckons this is the point at which the masses won't be able to hold back. "History shows that £159.99 is the price point where a console's audience begins to expand," said Chris Lewis, Vice President of Microsoft's European business.
It's certainly timed well to pick up all those waiting for GTA before they pick up their next-gen console - although it's a bit of a drag for anybody who bought their console over Christmas. Let us know what you think of the price drop in the comments.