MCV is reporting that an unspecified source has confirmed a price cut for Microsoft's Xbox 360 hardware in the UK later this month.

MCV's source could only specify the cut for the Arcade version of the hardware, which will reduce the hardware's current cost of £199 to around £170, to make the system more competitive with—and possibly cheaper than—Nintendo's Wii console.

By way of corroboration, TechRadar reported a similar story, claiming that numerous retailers have indicated a price cut of 50 euros off every hardware version of the Xbox 360 across Europe. Sources say that the cut is scheduled for enactment on March 14.

The rumors follow an Xbox 360 price cut in Canada late last month, which saw prices for the Premium and Elite editions of the console CAD$50 cheaper, and the Arcade version reduced by CAD$20.