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LG's Potential Rival To iPhone 5 Lite Falls To £270

Should Apple release a cut-down version of the iPhone 5, LG already has the adequate response in the form of the LG Optimus 2X P990, the first dual core smartphone to come onto the market and one whose price has been cut by 40 per cent since launch.

Online retailer Expansys is selling the SIM-free version of the phone for as little as £270 down from £450 originally, making it by far the cheapest dual core handset on the market. In comparison, the two-year-old iPhone 3GS still costs a whopping £428.

The P990 was the launch partner of the Nvidia Tegra 2 SoC and comes with two 1GHz processor cores. It also has 512MB RAM, 8GB internal storage which can be boosted to 40GB thanks to a microSD slot, a 4-inch WVGA capacitive touchscreen and even HDMI out capabilities for connecting to an HD TV.

Interestingly, the phone is even capable of recording full HD footage thanks to its rear camera which can also take eight megapixel photos plus a 1.3-megapixel camera at the front.

Other noteworthy features include a 1600mAh battery, microUSB, Bluetooth, an array of sensors, DLNA compatibility, microUSB and Android 2.2 Froyo to boot from. LG will apparently release the Gingerbread update for the smartphone in September.