Best and cheap are usually antinomic.
But for cheap and good quality hosting, there are very big companies who have goods offers :
OVH doesn't like customers in countries where they don't have an office and won't accept offshore companies as customers. Otherwise, it's very good... as long as you don't need to contact the support.
For offshore companies : Leaseweb in the netherlands (support is good there, but the service isn't as good as OVH), biggest hosting company in Europe if not the world. Or Hetzner in Germany (good service and support, but they restrict bandwidth).
1&1 which is also very big should be avoided at any price.