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Must have been riding on it like that for some amount of time as I stopped riding it when I saw the cracks.
The sentimental value of the frame is too great to through away. So far the welder has quoted £30 but hasn't seen it yet.Buying a new bike would be the proper thing to do.
Edit: @mdcc_tester
£37-£50 (repair and paint) would be reasonable no? Unless there are more things to do than this.
Shit those are big cracks, were you riding it like that?! Is the frame worth repairing? If it's cracked that much I'd be worried that it would happen in other places too. Might be time for a new frame