There isn't a 'normal' daily spend. Everyone has different tastes, so we all spend a different amount. But to answer your question (others already have) yes it is possible to live on £50 per day.
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Overall, you can plan to spend an average of around £75-£180 per day while visiting London. The lower costs will apply if you\x27re staying outside ... A 1-day metro ticket for zones 1 and 2 (where most tourist attractions are) costs 6.60 Pounds and the 1-day Travelcard for the same areas costs ...
If your place to stay, airfare, and football tickets/tour aren't included in the £300, as you said, then you should be good to go. You can get by on £60 (60 pounds) a day for food (especially cheapie food) and drink (and transport), if you don't over do it.
There are also significant regional differences when it comes to general living expenses such as travel, food and childcare. It's thought that a single person living in London will need around £1,500 per month to cover their living expenses and just over £1,200 in Manchester.
It isn't enough for accomodation, not really even if the whole £500 is just for the accomodation. Accommodation would cost more than that, and you would have to have at least £300 for food. If you wanted to visit places like the Tower of London, and even St Paul's Cathedral you would need about £200 for that.
Bangers & Mash, £9.95A lot of pubs in London will serve up delicious plates of quality sausage and mash, but in central London you won't find it for less than £10. At Mother Mash in the heart of Soho, two sausages, a pile of mashed potato and lashings of gravy is just £9.95 and it tastes incredible.