I agree with this. Unfortunately, our ever bigger TV deals have inflated the market to the point of ridiculous. Previously only Utd, City and Chelsea and occasionally ourselves and Arsenal plus the two/three big Spanish teams would pay £30m plus for a player. Now it's every team in the league. Even the relegated teams could probably splash that out. It's ridiculous. The Premier League is killing football in this country. A lot of that money needs to be channelled back into grass roots football to develop English players. Instead, we are making foreign clubs wealthy. Italy will catch up though. Inter have been bought by a billionaire, more will follow.
Would love to see the English clubs agree a # of non home grown players rule and also cap the transfer fee. It will never happen of course.