Many fixed spool reels in your price bracket have two typical problems, in my experience. The first is the roller bearing on the bale arm, which is best lubricated as soon as you've bought it, especially if you plan to use braid with the stronger tides and deeper waters round here. The second is the drag; you want something that can be tightened to give many pounds of smooth drag under heavy load, in case you connect with a conger, big ray, or the elusive cod, and the better bearings you have, the better the reel in simple terms. If you rinse the reel well with fresh water after each trip, it will give you a couple of years of use, else you can expect major corrosion issues after just one summer.
For a rod, I'd go for something with rod rings compatible with braid. Personally I like a 2-piece rod of 8' with sections of 4' each, for easy transport in the boot of the car and storage. Something 6-12lb class would be fun with bream, plaice, etc, but would probably only hold 6oz of lead maximum, so not suitable for deeper water with big tides. A 20-30lb class rod would handle any cod you're likely to find around here, and have enough backbone for the odd lunking conger or hefty ray, with the downside of not being as much fun for the smaller species. They can handle over a pound of lead comfortably, and if you really wanted to push it, maybe up to 2lb for short periods, but believe me, it's no fun retrieving pouting or doggies with big tides in deep water. Many anglers use a 12-20lb class rod, but I find they lack backbone for bigger fish and tides, and tend to be less fun with the smaller species like bream, so I don't use mine very often. Any rod is also worth rinsing in fresh water after every trip, especially the fishy grips, the reel seat and the ring eyes.
The rod might outlast the reel by many years, but my personal preference would be to spend a bit more than half of your budget on the reel, to get the best drag you can find. This might limit the rods available to you.
Mike
PS The braid, say 300m of 30lb, could set you back £30, so hopefully this is on top!