Oil is a very complex subject and I'm no expert, but in my view you can use oil of any viscosity which is listed in the handbook, subject to climate and engine condition. This means anything with a lower viscosity of 5, 10, 15 or 20, and an upper viscoity of 40 or 50, dependent on the climate and how worn your engine is. A 5W20 is even shown in the 'Extreme Conditions and Overseas' table - not for temperate UK use obviously!
I'd agree 20w50 is potentially a bit marginal for the UK in winter - ideally have something that flows better at start up, a 10w or 15w. At 0 deg C the viscosity of a 20w50 is approx 2900 centistokes (cSt) while a 15w50 is 1200 cSt at the same temp and a 10w40 is 1100 cSt (approx). The cold viscosity difference between a 20wXX and 15wXX is massive, between 15wXX and 10wXX is not much at all. For comparison ta 20w50 will be only around 18 cSt at 100 deg C which is a tiny fraction of its viscosity at low temperature.
I think it is worthwhile using decent quality oil, some cheaper oils aren't that great and may have minimal additive packages. They may also not meet any API/ACEA standards, or might say they do, but it is an obsolete standard no longer certified (e.g. API SF). SN is current, anything before SL is obsolete and no longer tested. Some of the 'classic' branded stuff is overpriced basic oils meeting obsolete specs in a nice tin. Base oil type is important. Group I oils are minimally refined and contain up to 20% impurities which don't do much lubricating. So on that basis 'cheap' oils are not actually that good value for money if you are paying 20% of the price for impurities that don't actually lubricate. Group II oils are more highly refined (hydrotreated/hydrocracked) mineral oils and contain <10% impurities thus are much better quality for similar prices to the cheap stuff. Group III oils are very highly refined mineral oils called synthetic by some, and Groups IV and V are proper synthetics. 'Semi-synthetics' will be a blend of mineral and synthetic base oils. A mineral 20w50 is a 20-weight oil with additives to make it 'thicken' to 50-weight at 100 degC.
Determining base oil spec especially between Groups I and II can be difficult but references to 'highly refined' or 'hydrotreated' reveal when they are Group II. Group III base stocks are a very highly refined mineral oil but allowed to be labelled synthetic since a dispute by Mobil and Castrol some years ago. They often represent good value for money - Penrite 10W50 Group III 'synthetic' costs not much more than Castrol 20w50 Group I mineral.
I've used Classic Oils 20w50 which has a decent spec, but it is Group I and has gone up in price so currently using Duckhams 20w50 which is Group II base oils. I got a bargain price for some Gulf synthetic 15w50 and am about to use that in a Series 3 so I'll see if it leaks out all over the floor.
Regarding synthetics damaging engines etc I'm a bit perplexed. If an oil is labelled API SL or ACEA A3 B4 it has been tested by the appropriate agency and meets those certified standards, whether it is synthetic or mineral. Compared side by side a synthetic oil will always outperform a mineral oil; it will be more stable, oxidise less over time, more tolerant of temperature extremes, and not shear (go out of grade) as quickly as they need no polymers to thicken them at higher temperatures as added to mineral oils. Cheaper mineral oils may be in grade when new but the impurities and cheap additives mean they shear down under stress more quickly and the impurities oxidise and turn to sludge. If a synthetic is the same viscosity as the mineral it is replacing I'm not sure why it would leak more, unless it is cleaning out dirt that has been preventing leaks. As I said I'm about to find this out for myself, and maybe I'll be back on here in a few months crying into my beer...
A lot of oil companies do not provide much information and labels are more advertising blurb than actual specifications, but two excellent information sources I've found are the Classic Oils website
https://www.classic-oils.net/Oils-b...e-Oils/Classic-20W50-Multigrades-Mineral-base and the Penrite Knowledge Centre site:
https://penriteoil.com.au/knowledge.../197/What-is-the-Penrite-Knowledge-Centre/461