For what it's worth - at least in my experience with the UK, pricing always seemed to be like this:
1) take something with a US $ price tag
2) Change the $ to £ (British Pounds - I was there in the early 1990's)
3) Sell to British consumers
I remember seeing stuff like a pair of jeans that cost $20 in the USA cost £20.00 in England...and with the exchange rate as it was, that was waaayy more than $20