why a US - hosted site should run slower. Take a look at (and time) a big US site like
click here and compare it with a big UK site such as
I defy you to determine much difference - if any - in loading speeds.
Cheap hosting is not necessarily good hosting, but you'll find lots of competing web hosts - far too many for me to list, and I have no particular favourite. I certainly wouldn't pick a very cheap host because I know that corners would have to be cut somewhere.
Anything at all decent will, in my opinion, cost at least £100 a year, and here, picked at random is one that fits the bill