I'm the same as you, I am fair skinned and prone to break-outs. I've searched for years for a good foundation and usually they either don't give enough coverage, give too much coverage leaving a "caked" look, or they give me spots! Finally I tried a Maxfactor foundation called "Seamless". I get shade 03 which is "Natural" and it's really good. I quote from the tube (!) "This light, sheer formulation covers perfectly, yet blends so invisibly it's impossible to know where your make-up ends and your bare skin starts."
The other good thing about it is that a lot of good foundations are around £10-£12, but this one is only £5.99 for a 30ml tube so it's good value too.
If you are looking for slightly heavier coverage (eg for a night out or bad skin day), I would recommend Maybelline Dream Mousse foundation in a shade called Cameo. Think it's also about £5.99 but gives you a nice matt look without being too "cakey".