You still have to pay the VAT man his 20% when importing goods, sometimes you get lucky, other times you don't.
The correct translation for UK prices would be:
$699 US MSRP
XE rate is 1.43, no bank will give you this and no cc company will, I purchased some parts from US today on AMEX and the rate they gave me was 1.39
So $699 / 1.39 = £503
So we have £503, now adding shipping from US with insurance, lets say a reasonable $50.
Put us at £540.00, now add your VAT = £647.00, so best case buying from US is around £600, worse case closer to £700. Then if anything goes wrong you have to ship back to the US and cover the shipping yourself. Even if you get lucky with customs and say they mess up and only charge 8-10% import duty and no VAT, still £600 region and a royal pain in the ass should it break or go wrong.