<sharp intake of breath> No offence, but 40 quid is a tall order for any bag, never mind a 3 season.
For 70 you could get the Mountain Hard Wear Etna, which is a superb bag rated to 2 centigrade. I know this sounds very light. But how often do we get below 2 in the UK? Not too often, and with a liner you might even find it warm for 3 season. There's also the Nanok Endurance 0 bag. This is a summer bag for Norway, but in the UK it will cope admirably with 3 season conditons. Most importantly, Nanok ratings are as good if not better (I have frequently used better) than their stated rating. So you may be comfortable down to -5, depending on how warm you sleep. This bag is also 70 quid, and can be nested with the -10 for an extra warm bag. It also has a no glue construction, which means you can machine wash it at 60 degrees, can be zipped into other bags to share warmth, has a boot bucket to protect the bottom if you're keeping your boots on that comes out and can be used to carry water, and has fibre at different angles to eliminate cold spots, etc, etc. In short, I believe that this is one of the best sleeping bag ranges designed - even more so thanks to the comfort being far beyond what is stated.
A cheaper alternative is the Mountain Equipment Sleepwalker. This is also rated to 0. It's not a bad bag - fairly basic, and has much more realistic temperature ratings than perhaps any bag that Snugpak sell. This is 50 quid.
At the end of the day it's quite up to you. Go to the shop, try them out. Since you asked for my advice I'll put in a quick word about Snugpak (shorter than the usual rant anyway!) - you really do need to buy several ratings warmer than you need. Or you will get very cold indeed. It's important - after all people can die. I'm almost hoping (this sounds terrible!) someone does so they are forced to get their act together and stop (warning! rage!) lying to the public (rage over
) In addition to this, because they are all about size and weight, the stuffsacks are tiny. Quite apart from jamming the damn thing in there, this crushes the bag to bits, which has a strong adverse effect on the lofting power of the fibre. This means the bag will last a lot less time than one with a half decently sized stuffsack.
Best of luck in your search
Chris