Here is (what I believe) you are considering: Silverline bandsaw:
http://www.twenga.co.uk/offer/26890/7157937077812595681.html
Blade length = 1.425 m = 55”, 350 W = 0.54 HP, £85 = $153
Most people recommend bimetal blades for cutting steel, but I’m not
sure how easily they will be found in the size fitting this machine.
The costs might be nearly as expensive as the bandsaw itself. As
others have mentioned you still need to slow down the blade speed for
cutting steel (electrically or mechanically). This has also been
previously discussed on RCM:
13 hits – “blade speed” + “cutting steel”
http://groups.google.com/group/rec.crafts.metalworking/search?group=rec.crafts.metalworking&q=%22blade+speed%22+%22cutting+steel%22
Also the blade width (depth) will limit the radius of your cuts. You
may still need to resort to “chain drilling” holes for tight curves.
Scroll saws have “metal cutting” blades, but they are usually the high
carbon steel ones and better suited to nonferrous metals. Possibly you
could adapt (grind, file) some bimetal hacksaw blades to fit a scroll
saw. Additionally you may also still have to modify the machine to
reduce blade speed to make the blade last. Most scroll saws are
designed only for cutting wood.
Bimetal jig saw blades are commonly available, if you want to consider
using a jig saw.
Horizontal/vertical bandsaws are designed primarily for cutting metal
(i.e. have correct blade speed, etc.), but they don’t normally come
with good tables when used in the vertical mode. If you get one of
those you might need to improvise a better table if you frequently use
it in this mode. Also they usually come with deeper blades (1/2” or
better) to resist deflection when used in horizontal mode. Still, it
may be possible to adapt one for your work.
http://www.bandsaws.co.uk /
Certainly a plasma cutter fits the bill for some of the work you
describe, but it may not be within your budget:
188 hits – advice + “plasma cutter”
http://groups.google.com/group/rec.crafts.metalworking/search?group=rec.crafts.metalworking&q=advice+%22plasma+cutter%22&qt_g=Search+this+group
I’m not sure of all the resources you have for searching for used
tools in the UK. If you haven’t considered it, you might try:
http://www.excite.co.uk/directory/Arts/Crafts/Metal_Craft/Model_Engineering
http://www.homeworkshop.org.uk /