Hi Troutyoungteam
£40 will get you a pretty good vice that will last quite a few years. The Weaver Ultimate Type 2 Vice is available from sportfish.co.uk for £32.99 + postage and seems reasonable quality to me.
The most important advice I can give you is to purchase the best quality tools that you can afford. Good quality tools (you do get what you pay for) will last a lifetime and make your tying pleasurable but cheap poor quality tools will cause nothing but frustration and certainly not encourage you to sit at the vice for any period of time.
The most important tools you will use are scissors and bobbin holder. A ceramic bobbin holder will NEVER cause the thread to break through wear (no accounting for heavy handedness though!), but a cheap brass tube model will often cause thread to fray. Fine point scissors such as the Veniards model will cost about £10, but will perform MUCH better than a £3 cheapo - don't get me wrong, the cheapo models are perfect for cutting tougher materials such as wire etc.
Looks like you need to raid the "Bank of Dad", but if you buy properly, you won't be replacing them in the near future.
I don't know where you are located, but joining your local branch of the Flydressers Guild is always a good move
I wish you all the best in learning the fascinating art of flydressing.