It's true. But hopefully in 2020, with Intel throwing their hat (and weight) into the ring too that £400 will become £300.
They will be entering a new market and will want to come out swinging. With the size of their war chest I wouldn't even be suprised if they ran their first year / cards as a loss leader just to get a solid foothold in the market.
Your talking about Intel who I said would not drop prices on Coffee Lake when Ryzen was launched, to which everyone said oh yes they will, well over three months on an no price drop, Intel are not charitable and will sell their product for what they deem they can get for it.
Intel's response to AMD is a 9900KS, a speed binned 9900K is shorter supply than a 3900X for more money, LOL.
I'd love to see Intel shake up the market, but in my years experience I somewhat doubt they will and then simple fact is can they make a product for the high-end to even compete with AMD/NVIDIA, time will tell.