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What is it going to be used for/what's the camera?
The tripod I use the most is the Gorillapod SLR-Zoom. Small and light enough to fit in a reasonably sized camera bag but still stable if you have somewhere to stand it. Works with a light DSLR and zoom lens. http://www.amazon.co.uk/Joby-GorillaPod-SLR-Zoom-Tripod-Cameras/dp/B000KFRSG4/
I only take a proper tripod when I'm planning to shoot something that needs a tripod whereas that you can throw in the bag and always have it.
My sister had recently discovered an interest in photography and has requested a tripod for Christmas... I know is not a lot for a tripod, but does anyone have any recommendations in the £40-50 region.