I can honestly recommend the <a href='http://www.fishingmagic.com/news/article/mps/uan/3467' target='_blank'>Shimano Exage (reviewed here) 2500RA
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You should get it for well under £50, but check that it comes with the double handle that's now available. It's better balanced with that in place rather than the single handle and it was my only gripe in the review.
First class reel and smart looking.