The Register reports that both Sony and Microsoft plan to cut prices for its respective consoles during next month, with both companies also planning a range of promotions, game bundles, etc.

The PlayStation 2 price is set to be cut to £129.99 in the UK within the coming months, however, Microsoft will respond with a price cut of its own - with Xbox due to come down in price as well, probably to a £99.99 price point. We expect the Xbox cuts to appear around mid-October, although as ever, there's a good chance that whichever company tips its hand first will cause the other to follow suit within hours.