Lycra trousers. I find Lycra doesn't absorb much water and as such, they are not uncomfortable to wear in the rain unlike everyday clothing which soaks up water and then you have wet cloth next to your skin. It hardly ever gets cold enough in the SE of England to require any true cold weather clothing (December 2010 excepted), even in mid winter I only wear my coat over a t-shirt and that is plenty unless it is sub-zero, when I may put another layer on. I have failed to find anything that will keep feet dry for a 45 minute ride in continuous rain, and I have tried various overshoes in the past, now I just deal with the fact that occasionally I will get wet feet and change shoes and socks at my destination.