Hi Bob,
I have cheap lathe that I paid £100 for from my local hardware store !! Its
branded "Faithful" . I bought it to see if I liked turning before spending a
lot more money. That was five years ago and yes, I do like turning!
However, a word of warning - you will spend more money on your chisels and
also a sharpening sysytem/jig. It is essential that you are able to sharpen
your gouges satisfactory.

If I was buying a starter lathe now, I would go for ther Axminster Perform
CCL at £170. http://www.axminster.co.uk/default.asp?part=ccl
IMO its worth the extra for a heavy frame and the stand which is included.
(I think the Perform is the same as one of the Delta range in the US - they
all seem to made in China and branded dependant upon the importer)