It is entirely possible to complete a JAA CPL/IR (frozen ATPL) for less cost than is commonly quoted for the major integrated schools. As WWW has posted many times, it can be done entirely in the UK for around GBP 35,000. With selective use of FAA schools and careful budgeting, and bearing in mind the current exchange rates, I am quite prepared to believe that the whole process could be completed for between GBP 25,000 and 30,000. It is theoretically possible to construct a route for far less, as moochooser has tried to demonstrate, but it would be a very unwise wannabe who bet his future on those figures! I would suggest that, even going via moochoosers route, you budget at least $50,000. This would allow for errors, exchange rate variations, and any slip-ups on the JAA conversion. If you have some left at the end, lucky you!
As for the chances of getting a UK-based job, there is no intrinsic reason why a wannabe who has taken this route would be unsuitable for employment by a CAA/JAA airline. Of the hundreds of pilots I work with at Virgin, several completed all, or the majority, of their training in the USA - admittedly some years ago. In many parts of the world the FAA ATPL is the preferred qualification. Most intelligent employers would not mark down an individual for going this route, so long as all the required conversion tests were completed to a high standard. Some employers do show a preference for particular schools, which can be an obstacle, but as far as I can tell, no employer limits his intake entirely to the output of one single training establishment.
This is a worthwhile conversation; it is not improved by bad-tempered name-calling. Tackle the arguments, not the man.
Scroggs