From September 1, the price of an Xbox 360 Arcade will rise by 30 GBP to 160 GBP--an increase of $50 to $260, roughly speaking. The Elite will become cheaper but only by 30 GBP ($50) to 200 GBP ($320-ish)--a 13% cut as opposed to the 33% the US received.
Increasing the Arcade's price and removing its XBLA game bundle will "offset exchange rate fluctuations and changes in local market conditions," a Microsoft rep told CVG.
As for the removal of the once-bundled HDMI cable from the Xbox 360 Elite model, Microsoft has given CVG a statement explaining that "In order to offer the Xbox Elite to consumers at a reduced price... we eliminated the inclusion of an HDMI cable. That said, we are confident that providing even better value for our premium console will allow people the flexibility to purchase the HDMI cable of their choice."