Recommended budget waterproof jacket I'm a bit baffled by the large choice of cycling waterproof jackets. Could someone recommend me a good budget waterproof jacket?

A bit more information:


I mostly ride off road
About £70 (approx 112 USD) is the    maximum I'm willing to spend 
I'd like
to buy something I can wear all year 
round
All jackets have to do two jobs:


Stop the water (rain) getting in.
Let the water (sweat) get out.


While being easy to transport when not in use.

£70 is unlikely to buy you a jacket that works well doing both if you pay full price.  I would look out for a Paclite in a sale, as they are light and take up very little space on wqhen not in use.   

However remember that the jacket is as much about keeping you warm when you stop for a break as it is about keeping you dry while you cycle.  So maybe just have a wind proof top for when you are riding and a cheap none-breathable jacket for when you are resting.