I got a 3rd in my undergraduate but I'm looking at having a solid MSc under my belt in the next few months.

Is there any chance I will be able to get funding to do a Ph.D. on the merits of my MSc alone or does my undergraduate grade take me out of the running completely?

Depends a lot on the subject - can you give us more information?

BSc in computing and an MSc in Technology, Innovation and Entrepreneursip although my dissertation is largely on economics. Hoping to do a Ph.D in the field of entrepreneurship or endogenous growth theory.

The funding research council for economics is the ESRC. This is the link to their guidelines:

http://www.esrc.ac.uk/ESRCInfoCentre/Images/Postgraduate%20Funding%20Guide%20-%202009-10%20(updated%20October%2009)_tcm6-12067.pdf

I think to make their academic eligibility criteria, you'd need a strong distinction at masters as they seem to say they'll consider a degree under a 2:1 only if subsequent performance is equivalent to a first. Or at least that's my reading of p 13-14.

University specific funding may be less regulated, but I think they'd still want a very strong masters performance.

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@ Bewildered - Thanks, that's very helpful. The guide also says that "...a less than sufficient first degree may be enhanced by the attainment of a Masters degree" which is a bit confusing. I guess the next step is for me to contact the ESRC.

I do think you'd need to speak to them, but you'd most certainly need a distinction at masters I'd imagine - the problem is that funding is so very competitive and you'll be up against people with 1st class BAs and distinctions at masters. Of course your proposal and references are extremely important and can sway things, but if it were a toss up say between someone with a low 2:2 and a distinction and someone with a first and borderline merit/distinction but the proposals were very similar in quality it is very likely that the applicant with the higher overall grades would be successful. Its very hard to guage it though - you may well be lucky but you'd have to clarify with them whether your performance at masters effectively cancels out the BSc.

I think it's unlikely you will get funding to do a PhD about entrepreneurship (business PhD funding is quite competitive). Perhaps you'd stand a better chance if you had wanted to do a PhD about computing and had qualified with a good distinction at Masters in Computing after the Third Class Degree in computing. Maybe someone here will tell you that they did get social science PhD funding after getting a third for their first degree but I'd be surprised (especially ESRC funding). Science/computing PhD funding is sometimes a little less competitive, but a undergradate Third would still make your chances significantly reduced of getting funding even with a great Masters grade (I think there will be the odd person though).