Or if you want really cheap and waterproof, to be worn, only when it rains and to not be used when it stops raining, Google 'Champion Typhoon' advertised at just under £16. I believe that on balance, you will walk in the dry on most days of the year, so should your priority be to look good, 'smart and fashionable' in dry periods, or to look good, 'smart and fashionable' in the rain? Personally I'd rather look good, smart and fashionable when it's dry. In reality, does anyone care at all what any of us look like in the rain?
But if you really want to spend more money have a look at the Alpkit site and check out the 'Balance' jacket. It seems to be well thought of and I think its a 3 rather than a 2.5 jacket. I have a 2.5 jacket, a Marmot Precip (another jacket worth considering, can be bought for about £50) and like so many others of this type I tend to have problems with condensation, especially in the sleeves.