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@hugo7
I'd alway thought the rule is to spend as much on the frame and wheels as possible. Everything else is secondary and can be upgraded.
Cranks - those ~£100 SRAM ones would be fine
Bars/ stem - £50 you're going to want to change and try different setups
Seatpost / chain / pedals etc - £70
So I guess budgeting something like £250 for non-frame and wheel parts leaves like a grand so Id spend £500 on a frame and £350 on wheels.