The Xbox 360 arcade has hit a rock bottom £148.71 in the U.K. after the supermarket Tesco decided to slash the price by more than £50 after Microsoft’s recent price cut, which took the arcade version down to £199.99.

This makes the Xbox 360 cheaper than the Nintendo Wii in the U.K., as the Wii is still priced at around £179.99. Both Amazon and Play.com list the Xbox 360 Arcade for £149.99, but you’d have to wait for it to be delivered, so popping down to Tesco would be cheaper and faster.

You can also pick up an Xbox 360 Premium from Play.com with Halo 3 and Lost Odyssey for  only £199.99, which is another cracker of a deal. We'd expect Nintendo to have to consider its pricing now, although, as the Wii is still selling like hotcakes, there's no immediate rush for the company to do anything drastic.