Compromising on packability won't really help as the very breathable jackets will be very light and thin, and therefore pack down quite small.
I can't think of anything I'd recommend for under £120 (if you can find a Gore Alp-X or Alp 2.0 going cheap then snap it up but RRP is £220).
(My Alp-X is coming up 10 years old now, so it's running at about £15 a year. It needs reproofing every year or so but that's just a few quid for some Nikwax Tech Wash and then TX-Direct. I've ridden 600km Audaxes in it where it's rained [Welsh Sunshine] for the majority of the time and it has done its job perfectly.)
Compromising on packability won't really help as the very breathable jackets will be very light and thin, and therefore pack down quite small.
I can't think of anything I'd recommend for under £120 (if you can find a Gore Alp-X or Alp 2.0 going cheap then snap it up but RRP is £220).
(My Alp-X is coming up 10 years old now, so it's running at about £15 a year. It needs reproofing every year or so but that's just a few quid for some Nikwax Tech Wash and then TX-Direct. I've ridden 600km Audaxes in it where it's rained [Welsh Sunshine] for the majority of the time and it has done its job perfectly.)