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You can get some amazing computers second hand or from Dell outlet that might fit the bill.
In before Sporky and the awesome lenovo yoga pro 2. Though that's a bit over budget, it has a screen included.
If you are going new, if you get the latest generation of Intel CPUs the onboard graphics are should be good enough for Skyrim so you could save on the cost of a graphics card. The passmark score for the onboard GPU is slightly better than the GeForce GTX 260 recommended as the minimum for Skyrim. You might be able to squeeze in around £300 that way. If you want a separate Graphics card to get better performance than the onboard GPU you would need to spend another £60 or £70 and I don't think there would be any chance of coming in around £300.
For £300 you're almost certainly looking at second hand components and probably CPUs and graphics cards from a couple of years ago. You might not be able to run GTA V on high at 1080p but you should be able to get decent results from lower settings.
Might be worth watching these
Details on $375 gaming PC build
Above PC running GTA V and comparison to PS4
Newer graphics cards are better on energy consumption, but if you go second hand with the graphics card and get a proper gaming card that's a few years old it could well use around 200W which will cause trouble with a weedy power supply.
http://www.ebay.co.uk/itm/152519103714
I've just built a PC for a friend's kid, came in at a really good price. Swapped out some parts with mine. In the end, young chap has got an AMD FX6300 with 8gb, Gigabyte motherboard, hard drive, GTX750Ti graphics card, 23" flatscreen, speakers, and the whole thing was £290 including £30 to deliver all the stuff to him.
Look on Ebay for stuff close to you that is collection only. Here in Bristol there's a big student market, meaning it's easy to pick up parts for peanuts. The monitor (Samsung) I picked up for a tenner (Ebay collection only) plus £4 for the bus fare.