Cloth nappies can be very expensive. Not sure how anyone got everything they needed for £50! - a single shaped or pocket nappy can be around £12-15 from the popular types like little lamb, tots bots, bumgenius etc, you might need around 20 of them allowing for drying time, unless washing daily. Do the maths carefully, with washing costs etc, compared to cheap supermarket disposable nappies it is NOT necessarily cheaper unless you will use for more than 1 child. Im trying it with my second and finding it surprisingly expensive. Obviously reduces plastic waste though.
Breastfeeding is cheap. You can get washable breast pads, a couple of feeding camisoles under normal tops. The bras are expensive though but overall still much cheaper than formula.
Clothes can be got 2nd hand or in supermarkets cheaply.
You need a cot (can get cheaply in Ikea etc) - and a new mattress. You don't need a separate crib or Moses basket, baby can go in a cot from day 1. Or if you buy a pram with carrycot, some are safe to use for sleeping in at night.
You don't need to spend on a cotbed - an old school (slightly smaller) cot is cheaper than a cotbed and a toddler can go straight from a cot to a single bed later on. Cotbed sized bedding for toddlers is often also a rip off, far more choice in single bedding.
Don't scrimp on a car seat, this might be one of the more expensive things you need, at least £100 & could be up to £300.
Pram - I wish I had got one second hand. I bought a brand new expensive travel system and definitely haven't used it enough to justify the cost. I recommend a sling eg close caboo type thing, used far more than pram.
We just had a basic sound only baby monitor.