Falling pound to push up smartphone prices?

For all its brilliant specifications and features, OnePlus 3 costs just £309, but going by the company's statements, it will soon be costlier than it is now.

The fall of the pound to a 30-year low following the Brexit verdict could force budget phone makers to push up prices of their handsets.

“The UK is one of the most important markets for OnePlus. So given the uncertainty following the unexpected Brexit developments, we wanted to explain how this might affect our business in the near future," said OnePlus to the Daily Star Online.

“We’ve always strived to create the best product and deliver them to customers at a reasonable price. However, the worrying downward trend of the GBP may make it difficult to maintain our current pricing structure in the UK. Our margins have always been thin, and our expenses are mainly in USD. This being the case, sudden drops such as the one that the Pound has recently experienced could have a direct impact on our prices," it added.

Surely, OnePlus isn't the only tech giant to feel the heat. UK is a majorly smartphone-importing country with little known manufacturing bases in the mainland. As such, Korean, Chinese, Taiwanese and American phone makers have to incur costs of shipping, custom duties and creating warehouses to store their products, and with the sudden fall of the pound, they could increase costs to maintain their margins.

Even though other phone manufacturers have not opened up yet on the impact of the falling pound, the effect of the falling pound will be felt across the board, which includes tablet and laptop manufactures and manufacturers of accessories, headphones and VR devices as well.

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