A substantial price cut for Sony's PSP was made across Europe at the end of last week, and it was beleived that a reduction in the U.K. would shortly follow.

However, Sony told GamesIndustry.biz that a similar drop in price won't come into play in the U.K. Sony says that the cut has been “made possible by favourable fluctuations in the exchange rate between the Euro and the Yen. Since we in the UK are vulnerable to two exchange rate calculations, pounds into Euros and Euros into Yen, we are not in a position to offer a similar cut in PSP for the UK.”

The price of the PSP was cut by nearly a quarter from €180 to €130 last week. Though a price cut in the U.K. is unlikely to happen in the next couple of months, we shouldn't have to wait too long. With the launch of NGP later this year, Sony will want to shift as many old PSPs as possible. That should mean they'll be some great deals on offer come year end.

Update - It seems that some retailers have other ideas, and are already starting to slash prices. Tesco is now offering the Red Sony PSP 3000 for just £99.