This Apple presentation was a joke,
3 years old iphone 5 with new chipset...
To be fair it is a top of the end chipset and camera for £360, which is cheap for iPhone standards. However small screens aren't worth spending so much on, there's nothing you can do comfortably on it that you couldn't do on an iPhone 5s. But is the camera really the same as the 6s?
Anyway, the mi 5 costs the same amount as it if you import it (much more expensive than the official price), and its just better in every way. With bezels like that on the iPhone it may as well be 4.5" anyway. Its literally only 3mm shorter than the 4.6" z5 compact.
Add Russian prices as well
37990 ₽ ($540) for 16GB iPhone SE
47990 ₽ ($685) for 64GB iPhone SE