Just bought one of these:
http://www.ebay.co.uk/itm/SPADA-SYSTEM- ... 72181cee1fClearly advertised as a second (says not waterproof) but for £40 (inc. post) instead of £150 elsewhere I thought worth a punt, and have to say seems really excellent for the modest outlay, and includes some basic armour as well.
don't know why not waterproof but it has removable lining and seems ideal for short commutes over work gear or business suit etc. Don't buy too large though, in fact the first one didn't fit and I had to go a size down.
