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Hosting novice… please help

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I am looking to put together a wordpress multisite project that will initially start out being about 5 subsites (or so) and then grow to (hopefully) about 300+ subsites (all managed from one multisite).

A few important things:
– The website will be aimed at UK users
– I currently am using iPage’s unlimited shared services… it sucks
– WordPress Multisite functionality is a must!
– Cost is a factor… as things will be small at first, I don’t mind starting out with a shared service and then moving to a VPS or dedicated server as things progress
– Speed is important
– Exchange capabilities is a nice bonus

Any ideas on what would suit me best? Thanks for your help!

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