59p iPhone app that calculates taxi fare and the fastest route

It is a dilemma faced by many Londoners— do you have enough cash for the cab ride home? A new 59p iPhone app claims to provide the solution.

Called London Taxi, users click a button to identify their location, then type in where they want to go.

The handset then works out the fastest route and the fare. Users can compare the planned route with the one taken by the driver.

Tim Edwards, 29, from East Dulwich, who developed the app, pictured below, with business partner Stephen Knox, said: "We wanted to try and create an iPhone app for Londoners, and the one thing we've all done is have to make a cab divert to an ATM, or drop us a 10 minute walk away because we've no cash."

The app uses Google maps and Mr Edwards added that they wanted to include more of the cabbie back roads. "We've been amazed how accurate the app is already — we find it is often only 10-20p out."