Microsoft won't drop the price of the Xbox 360 in the UK for "many many years in the future".

Speaking to in an interview to be published next week, Microsoft's head of gaming and entertainment in the UK, Stephen McGill, said that the Xbox 360 is at a "great price now" and described it as "great value".

Following a recent price drop, the Xbox 360 can now be picked for less than the Nintendo Wii. The hard drive-less Arcade model retails for £129.99, the 60GB Premium is £169.99 and the Elite model is £229.99.

At the end of September Microsoft announced that it had enjoyed a massive 214% rise in sales for the Xbox 360 in the previous two weeks, outselling the PlayStation 3 by more than two-to-one in the UK.

Earlier this week Sony Computer Entertainment managing director Ray Maguire told that it won't reduce the price of the PS3 in time for Christmas, which currently retails for £299.99 in the UK, saying Sony "has a business to run" and has to "do the right thing" for its shareholders.

McGill told "I'm not going to speculate where it might go (the price of the Xbox 360) in five or ten years time, whatever. But we've obviously just reduced the price and that's because we can pass the costs reductions we have straight on to consumers. That's the right thing to do, obviously from a business point of view it helps it sell even more. I think a lot of people have been waiting for it to become even more affordable and they're now seeing that benefit and buying it in their droves and we can now hopefully continue it through Christmas and beyond.

"It's great value. And I think the value not only comes from the price of the console but the content. With NXE launching and obviously that's free for everyone, and the portfolio. There isn't a better range of games and entertainment, basically fun, on any other platform, and we're incredibly affordable."

When asked if it was unlikely that there will be another price drop for a good while yet, McGill replied: "Yeah. I mean absolutely. We're a great price now. I'm not dropping the price for many many years in the future I would suspect."