Apple is set to raise prices in its U.K. App Store by around 25 percent to reflect the depreciation of the pound following Britain's decision to leave the European Union in June last year. An App that is priced at $0.99 in the United States App Store will now cost £0.99, a twenty pence rise.

The falling value of the pound

Apple announced the price rises in an email to app developers this morning. The email stated: "When foreign exchange rates or taxation changes, we sometimes need to update prices on the App Store". Further, the email set out a seven-day timeline for these price changes to be implemented, allowing users a short window to beat the price hike.

Users should be prepared for prices on iTunes and iBooks in accordance with App Store rises.

Britain is not the only country experiencing price changes in Apple products and services. India is witnessing price increases due to changes in service tax and Turkey is witnessing changes due to the depreciation of Turkish Lira. Following Britain's decision to leave the European Union, the pound has depreciated by 18.5 percent against the US dollar. In October, Apple released their latest Macs with a 20 percent price hike.

In a statement released to compliment the email sent to developers, an Apple spokesperson said: "Price tiers on the App Store are set internationally on the basis of several factors, including currency exchange rates, business practices and taxes.

These factors are fluid and likely to change to reflect the economic circumstances of different countries".

May's address

In a speech today, Prime Minister Theresa May, who has previously lacked conviction when it came to outlining a clear proposal for Brexit, attempted to convince markets to settle down. May said: "Our vote to leave the European Union was no rejection of the values that we share.

The decision to leave the EU represents no desire to become more distant to Europe. We will continue to be reliable partners, willing allies and close friends. We want to buy your goods sell you our goods and trade with you as freely as possible. We want to work together to make the world a more safe, secure place".