1070 won't be under £300 anytime soon, the founders edition is likely to be £400 or so (straight USD to GBP conversion gives ~£375), AIB cards *may* dip closer to £310-320 or so, maybe.
I'm also kinda unsure why everyone keeps saying 980/390X performance, given the rumours so far seem to be a 2560 core for the full '480X' part, clocked around ~1.25-1.3GHz (if not higher based on some bits).
Compared to older cards the 390 (non-X) is 2560 cores, so take that as a base, add 25-30% clock speed, and 2 'generations' improvement in core design (GCN 1.1 to GCN '4'). The 390X is 5-10% faster it seems, Fury ~20% faster, Fury X ~25%, 980Ti ~30%, 1070 say 35-40%?
Even by die size if you take into account the disabled parts of the 1070's die (roughly 75% essentially) then it's 'effective' die size is similar to Polaris 10's rumoured 232mm^2.
Unless I'm missing something it'll either be comfortably ahead of the 390X (and hence into Fury/980ti/1070 territory) or AMD have managed to take a big step backwards this generation...