Sony’s managing director in the UK, Ray Maguire, spoke to the Guardian about the high PS3 price in the region. The console will retail at £425, or $838, while it costs $600 in the US and only $253 in Japan. He said that the UK VAT, at 17,5 %, contributes a lot to the high price, coupled with high exchange rates and the fact that retailers are taking a bigger part of the profit, all contribute to the record high price.

“If it were $1.40 to the pound as it was a while ago, then the PS3 would be a bargain compared to the US; if it’s anything more than that, the UK price appears to be comparatively expensive. But we’re dealing with euros and yen–it’s about the relationship between those currencies.”

He added that he’d love to see the PS3 cost less than £400 in the UK, and said they would lower the price as soon as they can afford it.

“Of course, I would dearly love to have the PlayStation 3 retail price under £400, and at such time as we can afford to do so, we will.”

The PS3 goes on sale in Europe this March at €599 in the Euro-zone (almost twice as much in Scandinavia) and £425 Pounds in the UK.

Full interview here (Guardian).