Microsoft has announced that it will be selling its Lumia 530 smartphone for a wallet-friendly £60. That means users can get the full Windows Phone 8.1 experience for far less than before.

The Microsoft Lumia 530 is the company's cheapest smartphone yet despite offering a range of high-end apps and services.

The Lumia 530 comes with a 4-inch LCD display running an 854 x 480 resolution. While the screen might not be amazing the processor is a quad-core Snapdragon 200 running at 1.2GHz and backed by 512MB of RAM which should keep everything ticking along nicely.

The 530 comes with a 5-megapixel camera in the rear with 4GB storage expandable by 128GB microSD. The phone should also offer speedy data thanks to HSPA+ which delivers up to 21Mbps.

The battery is a 1,430mAh unit which Microsoft says will manage 22 hours on standby and 13 hours talktime. That's probably partially thanks to the refined Windows Phone 8.1 with Lumia Cyan operating system.

The Lumia Cyan update brings the Cortana smart assistant, a third column of Live Tiles on the Start Screen, one swipe access to Action Center, and business support.

The Microsoft Lumia 530 is available from 4 September for £60 at EE, Vodafone, O2, Three and Carphone Warehouse.

READ: Microsoft rolls out Lumia Cyan update, brings Windows Phone 8.1 Cortana and more