Welcome Martin. I agree with David; it's easier to offer advice if you say more about the sort of projects you want to tackle, how much space you have available, and how much you might spend. For instance, clocks and model railways imply a small lathe; hand-sized objects or generally learning the ropes a mini-lathe; model steam next size up; motorbikes bigger again; etc.

You can do lots with a bench vice, lathe, hacksaw, hand drill, and a few files. A pillar drill is very helpful unless you already have a milling machine. A milling machine complements the lathe by cutting slots etc in straight lines; for me it replaces most hand filing. If you're serious about metal work I'd recommend getting a band saw as soon as possible : hacksaws are slow, boring and exhausting! Most people I think tend to start with a small set of tools, and add to them over time as their interests take them. One bit of advice that does seem to hold good is to buy the biggest lathe and/or milling machine you can manage. Several reasons, but more people seem to move towards doing bigger work than smaller. Big equipment can do small work, putting big work on a small machine is challenging!

Dave