To go ultra low budget, my ideas:
Get what you need as you need it, the big one. To start, you do need a few things though.
1) DMM - The Uni T 139 series £20
2) PSU - Chinese one for ~£40
3) don't get a scope if it is just for learning, and you are on a budget (see below though)
4) decent PC, not my territory but don't be dealing with a slow computer, maybe a laptop for travelling
5) soldering iron - £20 936 clone
6) consumables, test leads and parts, don't skimp on leads as u never have the right one, and apart from bulk resistors and caps, get parts as you need
With £80 equipment, you can afford a good computer, and a good stock of parts and consumables. One big tip, check eBay periodically. Go to the general test equipment page, filter to used and sort by lowest price. You'll have to wade through crap like manuals, but I search every week or so and watch the bargains. I find it almost therapeutic in a way! With the money left over, you could afford used function generators, PSUs, scopes, you just have to wait! Hope this helps a little.