Its £50, I cant go over £60 and I cannot find a 8800gt or a 9600gt for less than that. IIs there anything else that you would recommend for a 46 inch tv that I will be using a a media centre and light gaming...
If it's 46" it's most likely 1080p, i.e. 1920x1080. At that resolution even the 8800GT will be challenged. Maybe you should not buy anything now, and save more money. In the meantime the GTX 260 and the HD 4870 1GB will get cheaper too.