I would recommend the exact opposite - DON'T go for the most pixels per £1 - more pixels do NOT make for a better picture.
Basically, all pixels mean are the SIZE of the picture. I.e. how big the picture can be - 6 megapixels is more than enough for most purposes unless you're looking to have your pictures on billboards or magazine spreads.
In fact, larger pixel counts on cheap cameras can actually make for worse photos as they pack more pixels on to the same small chip (CCD) that records the actual information.
What makes a good camera is other subtle things that are harder to quantify as they don't come in nice neat numbers on the box: the quality of the lens, colour saturation, sharpness, how good the chip is that records the information.
Another thing you might look at is how low the noise (those speckled dots you get when taking pictures when it's low light) at higher ISO (you or the automatic bit on the camera may choose a high ISO in low light conditions - without getting too technical, that means you can hold the camera steadier and avoid camera shake without using the flash).
You can't beat seeing a camera in person, seeing if the menus make sense to you, if it feels right in your hands. I really recommend a dedicated camera shop like Jessops for this - they'll often price match to the internet once you've done your basic research. Nikon and Canon are the main industry leaders and have good quality components for the price (I've always liked the Canon Powershot range as good bang for the buck).