This is an archaic term and is never used colloquially. If used it is as a disparaging reference to the Edwardian (1901 - 1910) feckless upper class toffs. Etymology is doubtful but the Oxford Dictionary of slang outs its derivation to Onomatopoeia for the "toot" of an early motor car horn. "Pip pip" was contemporary, as was "toot toot". Toodle pip is probably a conflation of the two.

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