It turns out that Britain's currency exchange with the Yen isn't as good as the Euro was, hence why Sony's not cutting PSP prices in the U.K..
The good news: Sony has announced that it's cutting the price of the PSP across Europe today. The bad news: Britain apparently isn't a part of Europe, according to Sony's discount planning.
The price drop is pretty substantial: PSPs are now going for €129.99 (roughly £114), which is down from €179.99. However, the £129.99 price tag in the U.K. isn't changing. This is because there have been "favorable fluctuations" in exchange rates between the Euro and the Yen, while this isn't the case with Britain's pound.
According to Sony:
"The price drop in continental Europe has been made possible by favourable fluctuations in the exchange rate between the Euro and the Yen.
"Since we in the UK are vulnerable to two exchange rate calculations, pounds into Euro's and Euro's into Yen, we are not in a position to offer a similar cut in PSP for the UK."
While it's too bad that British gamers won't get the discount, they're actually paying about €30 less than what the system was selling for before the price cut.