Sony has rejected calls for a PS3 price cut in time for Christmas, claiming the perceived high price of the console won't be an issue during the crucial holiday season.

Speaking to at the Games 3.0 conference in London yesterday, Sony Computer Entertainment managing director Ray Maguire said that while there will always be pressure on price from consumers, Sony "has a business to run" and has to "do the right thing" for its shareholders.

Microsoft has enjoyed a 360 sales surge in the UK following the price cut in September, which saw the Arcade cut to £129.99, the 60GB cut to £169.99 and the Elite down to £229.99.

When asked if Sony was feeling any pressure to cut the price of the PS3 in time for Christmas, Maguire replied: "Well the pressure comes from the consumers obviously and so therefore there's always pressure on price, but you know we have a business to run, and we have to make sure we're doing the right thing for the shareholders as well.

"At the moment there's a marketplace for PS3 and I think for this particular Christmas, with the kind of quality of games we're seeing coming out this Christmas, I don't think the price of the console is going to be an issue at all."

Maguire said that sales of the PS3 in the UK were "absolutely on target", adding: "It's obviously selling extremely well in the UK and it's the third largest single territory in the world. In the UK it's absolutely on line. Obviously actual sell through is always relevant to price point. Now the price point we're at, with the features we've got, that we obviously have to charge for, it's absolutely on target."

Be sure to check the site later this week for the full interview with Sony Computer Entertainment managing director Ray Maguire.

What do you think? Should Sony cut the price of the PS3? Let us know in the comments section below.