Apple has unveiled the all-new iPhone 5.

The iPhone 5 features a larger screen, a 4G LTE data connection, an improved camera and a two-tone, aluminium design.

The phone, which comes in black and white, is the thinnest and lightest phone Apple has ever made. The phone is 20% lighter, weighing just 112 grams.

It also has a bigger four-inch display, which Apple said was the "world's most advanced", as well as a higher-capacity battery, with 220 hours of standby time.

HANDS ON PREVIEW: We Put The New iPhone Through Its Paces

It will launch on several networks in the UK, as well as the new 4G LTE network EE, which was only announced on Tuesday.

Pre-orders for the iPhone 5 will start on Friday, and it will ship in the UK a week later on 21 September.

The new iPhone will keep the same price as the previous generation at its release - £529 (16GB), £599 (32GB) and £699 (64GB) - while the iPhone 4S will fall in price and the iPhone 4 will become free on contract.

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  • An Associated Press reporter holds the Apple EarPods during a product review in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Apple EarPods are shown during a product review in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • The new Apple iPhone 5 is displayed Wednesday Sept. 12, 2012 following the introduction of new products in San Francisco. The iPhone 5 is a blend of beauty, utility and versatility. (AP Photo/Eric Risberg)

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple unveils new iPhone model

    Technology giant Apple has unveiled a raft of updated products including the latest model of its new iPhone. The iPhone 5, which weighs in at 112 grammes, has a 4in screen - half an inch bigger than previous models, at Kings Place, Central London.

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • <a href="http://www.engadget.com/2012/09/12/apple-iphone-5-liveblog/" target="_hplink">Courtesy of Engadget.</a>

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • The iPhone 5 is shown during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple CEO Tim Cook speaks during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks about camera quality of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Tim Cook

    Apple CEO Tim Cook talks on stage during the introduction of the new iPhone 5 in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, gives prices of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Foo Fighters perform during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity options during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Greg Joswiak

    CORRECTS ID TO GREG JOSWIAK, NOT EDDY CUE - Greg Joswiak, Apple’s vice president of Hardware Product Marketing, speaks about EarPods during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • The Foo Fighters perform during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, gives release dates of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about the introduction of a new operating system during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity options during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage about new connectivity features during an introduction of the new iPhone 5 in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, talks about the features of the new camera and iSight during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks about camera quality of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks in front of an image of the iPhone 5 during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Tim Cook

    Apple CEO Tim Cook speaks in front of an image of an iPad during an Apple event in San Francisco, Wednesday, Sept. 12, 2012. (AP Photo/Jeff Chiu)

  • Phil Schiller

    Phil Schiller, Apple's senior vice president of worldwide marketing, speaks on stage during an introduction of the new iPhone 5 at an Apple event in San Francisco, Wednesday Sept. 12, 2012. (AP Photo/Eric Risberg)

  • Apple iPhone

  • Apple Introduces iPhone 5

    SAN FRANCISCO, CA - SEPTEMBER 12: Apple Senior Vice President of Worldwide product marketing Phil Schiller announces the new iPhone 5 during an Apple special event at the Yerba Buena Center for the Arts on September 12, 2012 in San Francisco, California. Apple announced the iPhone 5, the latest version of the popular smart phone. (Photo by Justin Sullivan/Getty Images)

The phone will run on a brand-new A6 chip, which Apple said was twice as fast as that in the previous generation iPhone 4S.

The iPhone 5 has an 8-megapixel camera, with a new dynamic low-light mode and more advanced lens alignment.

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The new phone also has a much smaller dock connector named 'Lightning', which Apple said would allow faster data transfers. An accessory to adapt existing iPhone accessories will also be made available, so that your older speakers and docks will still work with the new iPhone.

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Above: "The ocean just looks bluer on the iPhone 5," Schiller said.

The phone's audio systems were also upgraded. The phone now has three microphones, to help with video calls, noise cancellation and video recording. The phone has an improved speaker, and adds noise cancellation to the phone earpiece.

The new iPhone will run Apple's latest mobile operating system, iOS 6. Apple demonstrated several previously announced features, such as its new mapping application, turn-by-turn navigation and 3D satellite flyovers.

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Apple CEO Tim Cook made the announcement at the company's hugely-anticipated keynote in San Francisco, California.

Demand for the new iPhone is expected to be huge, with search data before the event revealing a massive pent-up demand for a new iPhone.

Every new generation of the iPhone has sold more units than all the previous generations combined, and investors' hopes are high that the new model can come close to replicating that success.

The new iPhone comes after a week of announcements by top mobile phone manufacturers looking to steal the limelight.

Nokia's recently announced Lumia 920 has won plaudits for industrial design and its ground-breaking camera, while Motorola and Samsung have also unveiled new devices in recent weeks.