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Free (and Almost Free) in London
Fodor's list includes free or cheap art museums, free concerts, and cheap theater, opera, and movies. The "offbeat experiences" are the best: look up ancestors in a public record office, visit Hyde Park or Covent Garden, or watch fishmongers in Borough Market.
Don't forget to account for the cost of transportation when planning your budget -- the Tube is not cheap, although it's the least expensive way to get around London besides walking.