True (except there's no £5).
Fact is though that turntables are easy to do. Reasonable money gets you a very, very good turntable. Every extra factor of three in spend buys you one more very. What's the difference between a very, very good turntable and a very, very, very good one ? Arms are a bit more fiddly - you can spend decent money and get one which still doesn't work well with the cart. Cartridges, on the other hand, are bloody difficult. Cheap cartridges really sound like it. Mid-priced cartridges are quite a bit better but Joe Schmo can still hear the difference between them and the really good 'uns (and Serge can measure it). When it comes to bang-for-the-buck in the three digit range you just get more with the cartridge.