Squire Vintage Modified Precision V, without a doubt! Very well reviewed all around.
http://www.andertons.co.uk/electric-basses/pid30085/cid682/squier-vintage-modified-precision-bass-v-in-candy-apple-red.asp
Also the Yamaha BB415 or 425 can be picked up very cheaply too, the added bridge pickup gives you more options. I really rate these, but it's the only one out of these 3 that I've owned:
http://www.gear4music.com/Guitar-and-Bass/Yamaha-BB425-5-String-Bass-Guitar-Black/D9R
Or if you want ultra budget around the £100 mark, Harley Benton from Thomann. Still great basses for the money by all accounts.
http://www.thomann.de/gb/harley_benton_hot_rod_5_bass.htm