Vw Golf GTI 8v 1996 (P-REG) engine cuts out!!

[HOTwHEELZ]

Please could you help me?! Ok i have a VW GOLF GTI 8V on a P Reg, About 5 months ago whilst driving at 60mph my engine seemed to loose power and die, at the time i bumped started it whilst driving and never thought anything more of it,, BUT now from the minute i turn the key, anytime i brake to slow down or brake to change down gears the engine cuts out and the Battery light & the Oil light are illuminated on my dash, It seems to be an intermittent fault with VW and steadly gets worse, apparently i will go out to start the engine one day and it will seize,,,,ooops dont want that!!!!
So any help would be very mich appreciated!
As im pulling my hair out, and the cost is neverending!!!!
The cheaper to fix the fault the better,

cheers ppl.