The inevitable answer to the rhetorical question in the title is ‘rubbish’, but is that really fair? After all, Arsenal have signed Sead Kolasinac, one of the most talented left backs in the Bundesliga last season, by all accounts. The Bosnia and Herzegovina international was also wanted by AC Milan, so surely Arsenal deserve credit for stealing a march on such prestigious European rivals.

However, compared to some other Premier League clubs, Arsenal have been less than impressive so far.

Look at Everton, for example. The Toffees have already spent in the excess of £50m on three big name players. Holland international Davy Klaasen joins them for more than £23 to strengthen their midfield, while Jordan Pickford (who was also linked with Arsenal) could end up being a steal in goal for around £30. Additionally, Everton have signed another alleged Arsenal transfer target in Henry Onyekuru. Although, the latter will be loaned out to Anderlecht next season, the Toffees are really making a statement in this transfer window.

The same could be said of Liverpool, who have already captured Mohamed Salah for over £34m and Dominic Solanke for a fee to be decided by tribunal.

Meanwhile, Manchester City have spent an undisclosed amount on Ederson and around £43m on Bernardo Silva, so they’re sure to win ‘Silva’-ware next season, especially given they have the talented David Silvia in their ranks still, if you’ll forgive the awful pun.

Across Manchester at United, Jose Mourinho has been splashing the cash to the tune of over £30m on Victor Lindelof.

If money spent tells us anything about ambition, then next season’s title contenders will all be from the north west of England. Of course, it’s not as simple as that, but the relative lack of investment in transfers is alarming for Arsenal fans.