For any of you hoping for yet more Xbox 360 cuts, it seems like you're going to have a long wait.

UK Xbox boss Stephen McGill has said there are no plans to reduce the price of the 360 for "many many years".

He said: "I'm not going to speculate where [the price] might go in five or ten years time, but we've obviously just reduced the price and that's because we can pass the cost reductions we have straight on to consumers."

For those of you that have been sleeping for the past month, Xbox recently slashed prices of their 360 models, meaning that the hard drive-less Arcade is now £129.99, the 60GB model costs £169.99 and the Elite is £229.99.

McGill has labelled these price cuts as "extremely affordable" and "great value".

"We're a great price now," he added. "I'm not dropping the price for many, many years in the future, I would suspect."

The price cuts have certainly helped UK sales in the run up to Christmas, although a recent report suggested that PS3 actually outsold Xbox 360 worldwide during Q2.