£800 for 4080 level performance is what we've had with the 7900XTX for nearly two years. OK that's not it's msrp but they are selling for $799 including copy of Starfield in the US right now and have often been available at that price in the UK. At £800 that isn't progress its regression and if AMD expect to sell that level of performance at that price especially with less RT performance then they're in for a rude awakening. £650 is where that level of performance has to be to gain market share and mind share.
I think that's where the reduction in vram has come from and in turn the price will also be less.
AMD have said they will be pricing aggressively, so I think $650-700 for the 9070xt would be about right. Think the 5070ti is RRP $749 so it definitely won't be more than that, AMD usually price their cards slightly less than Nvidia.