I'd buy a nice car (Alfa Romeo 8C maybe?) and pay for all my college/university stuff (Tuition, Residence, food, supplies, beer, etc)
Anything left over would be saved. 1 million pounds is only about 2 million CAD. You could live relatively comfortably off of that, without kids, for the rest of your life, but you'd be bored to tears without a job. If you just had 2 million dollars you would not be rich; you have to think about the long-term.
My father, in his lifetime, has earned just over 2 million. We do live very comfortably, but we certainly cannot afford to buy expensive cars, houses, and throw the money away on frivolous things. People don't seem to understand that; a million pounds may seem like a large number, but it is not big enough to live the high life off of.