Cheaper handset to increase market share London - Arabstoday Apple will apparently launch a new budget version of the iconic iPhone as early as this year, it has been claimed. The long-awaited handsets will cost just £220 ($330) - almost half the cost of a full-blown version of the latest iPhone 5 model. The new version is expected be enclosed in a glossy polycarbonate plastic case, much like the one found on the now-discontinued entry-level MacBook. It has long been rumoured that Apple is preparing a cheaper version of its flagship mobile product, in an attempt to increase the company\'s penetration into emerging markets. Details of the budget iPhone were published yesterday by Japanese blog Macotakar, which claimed Apple will delay the successor to the iPhone 5, but may soon launch a less expensive handset. It suggests that the budget iPhone will be be given a launch price of just $330 - similar to the iPad mini -  in order to appeal to young, middle class consumers in countries like China, India and the Middle East. The entry-level phone is expected to be thicker than the iPhone 5, Macotakara reports, to make its polycarbonate body more durable, and could come in a variety of colours. However, the design of the cheaper iPhone is said to be similar to costlier models, including a home button beneath its LCD display. Earlier this month Apple CEO Tim Cook let slip during a rare interview that an affordable iPhone might be in development. “We are making moves to make things more affordable” said Cook at the Goldman Sachs technology and internet conference in San Francisco. The revelation came after Mr Cook said that he saw a \'wide open field\' because Apple\'s iPhone was currently \'only available to 50 percent of [mobile phone] subscribers in the world\'. Analysts have said that the Californian firm should make a cheaper smartphones to gain more of a foothold in the important Chinese market.