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We use the one from our credit union. The British banks did not charge a fee. The Visa network used by our credit union charged .75 (US) per transaction.
My Washinton Mutual ATM/Debit card does not charge for overseas transations -- from what I've been told -- and I don't get charged in the US if I use it as a CC.
Citibank, surprisingly, didn't charge me a fee and gave me a great rate in Italy this spring. I know it wasn't London, but I took out cash last summer in Barcelona and there was no fee then either. Seems to be a pretty good bank, ATM fee-wise.