[shinytopman]

As far as electrics are concerned go and have a chat to your local model shop they may be able to do you a good deal on all the things you will need or you can pick up some good electrics from hobbyking.
The turnigy trackstar Gen2 1cell speedo is great for the money and designed to use in 12th racing approx £35, you can get the 13.5t trackstar motor for £21, 1 cell batteries Turnigy A-spec 6000mah from £17 (ultimates are better at £19) you will need at least 2 lipos each, Charger turnigy B6 pro £15 you will need 2, power supply for your chargers hobbyking 350W 25Amp £30.

Then all you need is a your radio gear of choice weither it be Stick or steering wheel. These can be bought quite cheap, dont buy basic though, make sure it has end point adjustment and expo adjustment.

And no im not on comision from hobbyking just a good place to get reasonable electrics to get you going to the point where you can race to a good competative standard at club level.

When buying from Hobbyking make sure that you are buying from preferably the UK warehouse, if not the european warehouse (postage is higher from euro warehouse but you wont get import duty) NEVER USE THERE INTERNATIONAL WAREHOUSE!!!!!

The only thing i would change in the above list to improve things would be the motor, i'd swap it for a thunder power 13.5t motor, but with a £60 price tag which is the cheapest of the good motors. But if your starting out you don't want lots of speed, you want to learn to be consistent.
Then the speed will come!