For compactness at a good price I'd second the Montane.
I have the cheaper featherlite its not 100% water proof but its really compact, cheapish (£40) highly breathable and when I've needed to stay 99% dry and 100% warm I just put a gilet on top.
If you want a cheap and cheerful summer waterproof try the outdoor shops for pac-a-mac type jackets. Rolls up small enough to go into a bottle cage and cheap at £10 or so.
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