The only really breathable stuff out there that is also waterproof is Gore Active Shell, Event or Nikwax Analogy. Gore has a finite life, as it depends on a membrane. Gore AS is good for those that run hot, but you'll need to wear the right baselayers, and you'll need to find a jacket that you can vent. It packs light, but you ain't gonna find one for less than about £150.00
Event is well rated, but again, depends on a membrane to remain impermeable.
Paramo clothing uses Nikwax Analogy fabric. A completely breathable outer shell over a pump liner. This pump liner transports water and water vapour away from your body which means that you never feel water on the inside of the jacket. It's used by Mountain Rescue teams and favoured by MTBers as an all conditions jacket. . The original Nikwax Analogy fabric has been upgraded recently to Analogy Light, which has a ripstop shell. I've just treated myself to an anaolgy light as it appears lighter than the original, but disappointingly it isn't quite as breathable. After a 10 mile commute thrash my baselayer was a bit clammy. However, it has a press stud closure along the zip flap which means you can run it unzipped, and you can run it short sleeved using the velcro tabs, so I'll know better next time to vent it properly and see if it stays drier. .
There are two or three bike specific Paramo jackets. The Velez, which has three versions, the standard smock with detachable hood, the Adventure which has a grown on roll-away hood, and the Adventure Light in the new Analogy Light version.
Then there's the Vista, which is the latest version with Analogy Light, grown on roll-away hood (my new one)
Or the Quito, which I think has the original Analogy fabric.
I wear my Velez smock as a do it all jacket. Baselayer and jersey in the winter or you could wear it next to the skin in warmer conditions.
The great thing about Analogy fabric is that it doesn't break down like a Goretex membrane. You simpy wash it in non-bio soap or tech wash, and spray it with TX direct to keep it waterproof. A decent goretex working life is actually measured in days whereas treated properly Analogy can be measured in years. If it tears you can sew it up and it'll be just as waterproof as before.