One obvious direction would be to browse dealers and the internet for second-hand/ex-dem stock of Rega kit. For example, the Brio 3 amplifier could be found for a good price now that the Brio-R has superseded it, leaving enough money for a set of new RS1 speakers or some older R3 floorstanders.
Alternatively, and continuing with the Made in England theme, there's currently an Audiolab 8000C on eBay for £215. It has a switchable MM/MC Phono input and looks in good condition. It even comes in the original box.
http://www.ebay.co.uk/itm/Audiolab-8000c-pre-amplifier-made-in-England-/230868440311?pt=UK_AudioTVElectronics_HomeAudioHiFi_Amplifiers&hash=item35c0d4d4f7
This could be used to drive a pair of Morgan Audio RMS11 active speakers. These are also manufactured in the UK and sold direct for £499 with free delivery, 30 day home trial and 5 year warranty. There's also a 10% student discount should that apply to yourself.
http://www.morgan-audio.co.uk/index.php/active-loudspeakers.html
Without a discount (or using the "Make offer" option on eBay) the latter is above budget by £14 but would make a neat system, and you can return the speakers without hassle if you're not happy with the sound.