Lake, to add to all the other good ideas here:
If you opt for an ordinary cot rather than a cot bed (bigger, some models don't have a drop side, all depends on your personal preference, but they do last and last), go for the Brio Bedside. This is beautifully made, has a multi-adjustable mattress height and a side bar that glides right over the top of the cot. This means you can have the baby alongside you, but in its cot, and at the same height. Lovely for night feeds, and no need for a basket/crib which are terribly pretty but don't last long. I so wish we'd got one, all my friends love theirs.
A good quality, adjustable low chair is worth its weight in gold. (Someone mentioned Chicco and Graco do them too I think). These are padded rather than just stretched fabric, and cost about £40. But they're worth it, our son was clearly very happy in his and the seat came off easily for washing. It was second-hand from a friend and still looks as good as new.
I'm not with Lizzer on this one - I found it better to have a changing table. Ours had a hinged lid with a baby bath under it. A bit of a faff to empty but still useful. The table (the sort with cupboards underneath, very sturdy) is now used for storing toiletries, vests, swim nappies etc, and in no way looks out of place in a toddler's room.
Slings - we had a wilkinet and a Baby Bjorn, both good, both second-hand (Rhiannon is right about those NCT sales, support your local branch!). We used them daily.
Transport - we had a from-birth Maclaren buggy which served us really well (we lived in a flat but walked everywhere!). The Opus range, if still available, is good quality and comfortable for newborns. I used to envy my friends with their smart Graco Voyagers but they said the pushchair was not so good for older babies and interestingly they've all bought little buggies as well.
The thing our son loved best in his room was a gorgeous tinted perspex mobile from Ikea, in the shape of stars, moons and a central "planet". Cost pennies, looks a million dollars. That retail hell-hole is well worth a look, as others have said.
Even though I breastfed we found a steam steriliser invaluable straightaway for breast pump gubbins etc. Boots do a good one.
Oh, I could go on for hours. It is such fun furnishing a nursery for a first baby, don't be too sensible and stern with yourself (I am sure you won't be).
Good luck and happy shopping.