To respond to jvdh, yes it is possible. Others have mentioned the more capable Allwinner based Olimex devices.
And if this really is an issue of "Buy Britain" why isn't the device based on Bristol based Xmos silicon. Now there's something that's a really neat platform.
In short, the RPi is an inexpensive enough device that a lot of hobbists can buy on a whim and proceed to install and reinstall various flavours of linux on to marginally satisfy their sense of somehow being "hackers". As I said in my initial post to this announcement, the work of the foundation in making a cheap computer a reality has been totally ground-breaking.
Now everything has been turned into at best a marketing exercise. Now there's news of RPi2 as a Windows IoT platform, with requisite Windows machine for dev work. Will wonders cease to amaze...
I started out when you had to pay hundreds of dollars to get even a C compiler (for MS-DOS). I amused myself by hex editing COM files (because I figured out that for some reason it worked better than EXEs when randomly changing stuff) and using "debug" to assemble simple programs. I wanted to make EXEs and I didn't know how, and MS BASIC didn't make them for reasons I didn't understand. I didn't know where to get MASM that the few public library books I could find were on about. Then I got on a BBS with a program called Telix and got something called Turbo Pascal, and my life kinda changed. Writing directly to segment B800...
And then a few later Linux came on the scene and I discovered the magic of having GCC just there waiting for you. But this had to happen at school, after school hours because I had a 8088 at home, and I needed a 386 which thankfully my teacher allowed me to set up a dual boot for...
I will _never_ _ever_ allow computing to be made inaccessible to my future generations to understand and learn from. I don't want to drone on about this issue, but proprietary is fine. Making money is fantastic, necessary, and a beautiful indication of the value you bring.
But putting people in a prison of no understanding is not at all okay.