Graz al the way. I was lucky to do part of my PhD there. It is a fairly small city (around 200000 people) and there is a lot to do for the size of the city. Train travel is amazing in Austria so you can discover central Europe while living there. I don't know Loughborough but it seems to be in the middle of nowhere. Workwise: the UK is good for getting a quick job, whereas Austria is more bureaucratic but in return, you get much more stability. And if you want to go to the UK, you can always go after your PhD. I think the UK is good to come for 1-2 years to do some postdoc work but PhD wise, it does not seem too appealing (having to finish in 3 years is ridiculous)