Yep, usually if it got Shimano on it it'll be decent!
Sedonas are good for the £ too. My favourite FS reels are the Abu sorons at the moment, very nice they are-every bit as good as the Stradic.
Theres alot of good budget gear about, stick to the reputable brands though
I've never had a bad Abu reel, or a bad Abu anything come to that. My Abu perfection spinning rod is exactly that.
Try not to go under 9' for a spinning rod though. You'll find the shorter rods won't cast nearly as far and have a lot less control, especially multi peice rods where each section has a more restrcted bend.