Amid growing signs of a dramatic slowdown in retail spending some of the UK's largest electrical retailers have been slashing prices.

In what is looking increasingly like a full blown price war, Currys, Tesco and Argos have announced big price cuts across their full range of LCD and Plasma TV's.

Currys have reportedly reduced some of their flat panel prices by a quarter whilst Tesco have responded by cutting prices by a similar amount.

Compared to the same period last year sales of TV's in the UK have dropped by around 3%. The good news for consumers is that a growing number of retailers are likely to respond to Currys and Tesco by cutting their own prices.

Peter Keenan, the managing director of Currys has indicated that the price cuts are not simply part of their latest sales promotion, but indicate their intention to establish and maintain the most competitive prices available anywhere on the high street.