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Thanks everyone for sharing both your knowledge and previous experiences. Believe me I am taking everything on board.

I have allowed a fairly healthy budget but as suggested above I will be buying only the essential tools that I need for the first few projects I am going to make. I'm going to take a trip to the Axminster store as I spoke with a very helpful up there but I would like to explain more in detail and get more of a feel for the new tools.

Thanks again to everyone who took the time to share their knowledge. I really appreciate it!