Recommend a waterproof jacket for under £50?

I have misplaced my Trespass cycling jacket some time since last winter and am in the market for a replacement. I need something small and lightweight that fits in the back pocket of my cycling jersey. It needs to be breathable so I don't get drenched with sweat on arduous climbs. It needs a back pocket for puncture repair kits etc. It doesn't need to be reflective as I cover the absolute minimum distance on road as possible! It needs to made of fairly strong stuff to withstand the inevitable falls (that usually only happen to me when it is wet). Naturally it needs to be waterproof and wind proof. It needs to be machine washable to remove the inevitable winter mud from the South Downs. Most importantly it needs to cost ideally less than £50 - I could stretch to a little more for the right thing. My old Trespass jacket fulfilled all these criteria and was only £25 back in 2009 but sadly they don't make it any more! My riding is mainly all mountain/enduro 52 weeks a year. Any sensible suggestions gratefully received.