For me, assuming I already had workbench and vice, I think probably:
- Two or three
Narex chisels (they seemed to be a really good trade-off between quality and price when I got mine!) - I use
6mm and
12mm the most, I think, but it really depends what you'll be doing
- A
No. 5 or 5 1/2 plane (old second-hand Record or Stanley is much cheaper than buying new)
-
cheap diamond stones and an
Eclipse-style honing guide so I can actually use the chisels and plane after the first week or so. I'm sure many on this forum wouldn't even deign to spit on a diamond stone set that cheap, but they work perfectly well and £200 isn't enough money to even be allowed in the same room as DMT stones!
- A cross-cut and a rip saw. For me that would mean Japanese saws - a
cross-cut dozuki and a
ryoba - because I vastly prefer cut-on-pull and like the thin kerfs. Technically one could make do with just the ryoba, 'cause it's double-sided, but I like the spine on the dozuki. With these two you can do nearly everything, even if tool merchants will still try and sell you a special saw for dovetailing and a special saw for tenon-cutting and a special saw for Tuesdays and so on
- A decent
combination square - 15cm or more by preference. Don't get a super-cheap one (I have a small Bahco myself that I'm very happy with, otherwise I'd be suspicious of that price!)
- A
marking gauge. I would never get a pin gauge in hindsight, these brass-and-cutting-wheel ones are fantastic.
- A sharp knife of some sort - even a box-cutter will do in a pinch, but a
scalpel handle with
replaceable blades (#10 by preference) is better. You can get fancy single-bevel marking knives, but I wouldn't waste money out of a £200 budget on a pair unless I saw them cheap second-hand.
By my count that lot comes to around £180, so I'd spend the rest on some glue and a few grades of aluminium oxide sandpaper.
Or if such obvious consumables aren't considered part of this budget, then
a scary-sharp sample pack and a cheap granite cutting board from Sainsbury's to stick them to.
Or beer, so I could at least enjoy a good ale while cursing myself for forgetting whatever stupidly important thing that I've forgotten above...
If I didn't have a workbench and vice, then it would depend a lot on how much I already had in the way of general DIY tools to build a workbench with in this hypothetical scenario...
I mentioned this to my girlfriend and she said she'd just blow it on lottery tickets in the hope of being able to buy much more, better stuff!