No, £40 should be fine. You CAN get the absolute basics for a fair bit less than that, but I think probably going up a level to ensure decent quality is well worth it if affordable.
I will leave it to others to recommend different particular makes but in general you'll need 2 batteries so you can vape while one battery is on charge (ideally 900MaH so they last a decent length of time between charges), a charger (USB is the standard that comes with starter packs), at least a couple of clearomisers and some "juice" (the nicotine liquid you vape). You'll ideally want the kit to say it's EGO or 510 thread compatible.
You should be able to get the starter kit from a specialist on line vaping company, Amazon or even e-bay. For the juice you're best to get it at least initially from one of the various companies recommended on this and the previous threads e.g. Paradise Vape, Vaping Vision.
The very best way is to see if you have a local vaping shop and go in there. They are likely to let you try various devices & set ups to see what you like best, and even try out some of the wonderful flavours available 