Apple cuts back iPhone production?

There are an incredible number of iPhone devotees in London.  Go into any café, pub or train and there will be a good number using their iPhone’s as they fill up their ‘down’ time.  

Though with the credit crunch, there is a lot more time to be downed.

According to a UBS analyst, Maynard Um, Apple are drastically cutting back the number of iPhones from 9 million in the third quarter to an expected 4 million in Q4.  

Obviously this could be a normal response to slack post Christmas buying trends, or a lead into a new iPhone.  

Yet with the credit crunch looking particularly painful in 2009, Apple may just be reading the phenomenal change in spending patterns just right.  

Cheap SIM deal anyone?