Brynje mesh with a thinner baselayer tee layered over the top when it’s really cold. I find merino comfortable at low intensity but soggy when sweaty. Merino/polyester mixes are an okay compromise. I have some thicker Arc’teryx baselayers I use for winter mountaineering, but on the bike the Brynje mesh stuff works better. If it’s really, really cold, I’ve used a Polartec Alpha gilet as an additional midlayer.
Budget = as little as possible. My favourite of the normal base layers that I’ve used (and I’ve used many) are the Mountain Warehouse ones that I got for £6 on sale.
In that case, either layer two together, maybe tee over long sleeve to reduce arm bulk, or go to your fave budget outdoor retailer and buy one of their budget heavier-weight tops.