Why do the next gen consoles in the UK cost sooo much more than in the US

Hi Everyone,

Maybe I am being a bit stupid about exchange rates or something but take the PS4 for an example:

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via news.bbcimg.co.uk

$399 is not nearly equal to £349, its nearly $550 at current conversion (thanks Google)

From what I can see (though, I don't really know much about it), the average wage in the US is actually about $200 higher than the UK (http://www.bbc.co.uk/news/magazine-17543356). How can this price increase be justified or am I missing something?

Its also worth noting that its the same story when using Euros as well for my European mainland cousins, they too seem to be being shortchanged in comparison to the US. As its been said the PS4 isn't region locked I may as well ship one over from the US. This happens with a lot of consumer electronics and I don't know why