I don't thing that British branded goods will necessarily be cheaper. Many manufactures have moved production from the UK to China or elsewhere. Often it's designed in the UK manufactured in China.
For those companies that do still manufacture here in the UK unless their components are manufactured here in the UK, they will still have to pass some price increased to the customer. I'm not sure what brands still manufacture in the UK, naim, rega not sure who else?
As prices increases I believe we will see many manufactures introducing new products at lower price levels.
Credit Crunch and Exchange Rates aside I still however believe that there is a fundamental issue of Britain being viewed as "Treasure Island" by component manufactures, brand manufactures and dealers, who compared to other countries on a like for like basis charge a huge amount more to British customers.
One What Hifi issue, the recent price increases, once the dust settles, does mean that perhaps the buyers guide should be reviewed to reflect not only price increases of basic products but also the scouring the reflect different products in different price brackets.
This would not be an issue if all products increased in price equally, but assuming that imported and home made products at once equal price brackets, move dramatically away from each other, then surely this should be taken into account.