SCEE UK managing director Ray Maguire has told GamesIndustry.biz that the recently announced 40GB PlayStation 3 is a "natural evolution" and that, despite denials, Sony "always had plans" to offer a cheaper model.

He also admitted, in an what could be compared to the iPhone's dramatic price cut in the States, that early adopters might feel cheated for buying the 60GB console at its previous £425 price point.

"I think it's natural to feel that way, of course it is", said Maguire. "The difference between our industry and many other industries is that if you're selling cars or houses the price goes up steadily. Consumer electronics only goes one way and that's downwards."

"One thing is common amongst the entire market for consumer electronics and that is that there are early adopters like myself who will spend £10,000 on a plasma TV that is worth £3000 within three years. That's the way the market goes."

Maguire defended the price cut by saying that those who had splashed out early has not wasted their money:

"What do they get for that? They get 6 months of enjoyment of the product before anybody else gets that ability to play those games."