Here's an article from Rocketry Planet about the UK Aerospace Youth Rocketry Challenge (UKAYRoC), which is similar to the Team America Rocketry Challenge. There's more on it on their blog.
This is happening at the UK Space Conference 2008, which also features the Student Space Experiment Competition where the winner actually gets to have their experiment launched on a smallsat, and the Sir Arthur Clarke Awards for "Recognising UK achievements in Space".
If that's not enough space prize aspects of this conference, one of the guest speakers is William Pomerantz from the X PRIZE Foundation. The program also mentions the Eggs Prize (I'm not sure if they mean the X PRIZE Foundation EGGS PRIZE, or if they mean TARC or UKAYRoC, both of which involve launching model rockets without breaking egg payloads). There's also a water rocket competition.
It sounds like a lot of fun! Not only that, but there are lots of interesting speakers there that I won't go into any details about because I can't think of any current or future prize connections for them (I could mention Alex Tai from Virgin Galactic because of the Ansari X PRIZE connection, but I don't want to start covering Scaled Composites and Virgin Galactic because they're well-covered elsewhere already, and doing too much for me to keep up with).
Update: The X PRIZE Foundation news ticker links to this overview of the event.