No need to spend mega bucks on a line.Look at these, http://www.impactflies.com/presta/, at £17 they are really good value,i have a few and recommend them,Chris also does leaders, backing etc and his service is very good.Pitsford Pirate does a good selection,again around same price,find him on CF forums.Mullarkeys as suggested is also ok,the mill ends are fine.As for rods,take a look on ebay at Fladen Vantage rods,4 piece.Can get one for around £20 or so,may be cheaper and they are a decent rod up to 7 weight.I understand the heavier rods are not so good.Many rave about the 3 weight.Reels,plenty out there for not a lot of money,just get a large arbour reel,it will help reduce any memory in your line.Ebay is a good source once again.
As for what weights to go for depends on what you are going to be fishing,ie small stillwaters,large ,stillwaters,small rivers or large rivers.
Like others on here i have rods from 3 weight up to 7 weight.Whilst a 3 will do on a river,i do occasionally use it at my local stillwater a better bet would possibly be a 5 or 6 weight,certainly whilst finding one's feet.Personally i would rather buy each item separately,nowt wrong with kits,but i do feel they put some lets say less desirable bits and bobs in,some have poor lines and masses of flies,which on the face of it looks good,but you end up never using three quarters of the things.
This company is also good to deal with,never had a problem with them and use them a fairish amount when i need smallish items.The Masterline Debut fly line is also ok for £14.
http://www.firsttackle.co.uk/
Good luck