While much of the UK struggles with an energy crisis and a rising cost of living, the country's Premier League clubs enjoyed a summer shopping spree like never before.

The 20 Premier League clubs spent over €2.24 billion ($2.24 billion) on players this summer (according to data via Transfermarkt), ending the transfer window on September with an astounding net spend of €1.3 billion. Long before the upcoming winter transfer window, this is already the most ever spent since the 2018-19 season.

Of Europe's top leagues, the next closest net spend this summer was La Liga with €52.5 million. The Bundesliga, Ligue 1, and Serie A all made an overall profit from transfers.

Chelsea and Manchester United were the biggest net spenders (both approximately €227m), while newly-promoted Nottingham Forest (€164m), Champions League-chasing West Ham (€155m) and Saudi-owned Newcastle United (€136m) rounded off the top five.

Supposedly cash-strapped Barcelona and Qatar-backed Paris Saint-Germain were the only non-English clubs to make the top 10.

The unprecedented spending spree has been fuelled by rising income from TV revenue, sponsorship and ticket sales, as well as the arrival of wealthy and ambitious new owners.

Rampant spending

"Deloitte" reported that Premier League clubs are projected to bring in more than €6 billion in revenue this season.

The race to either stay in or break into the top four league spots, which would secure Champions League qualification, is relentless.

11 English clubs spent €40 million or more, with Manchester United even shelling out €100 million for Brazilian Antony from Ajax.

Even mid-table sides such as Southampton or Brentford respectively spent €50 and €60 million more than their table-equivalents in Germany.

English clubs bounce back from pandemic

The Premier League's transfer window activity this summer stands not only in stark contrast to the economic plight of the country, but is also at odds with many clubs across Europe, which are still recovering from the financial impact of the coronavirus pandemic over the last two years.

"The record levels of spending that we've seen in this summer transfer window so far provides a sign that the business models of Premier League clubs are rebounding post-Covid," assistant director in Deloitte's Sports Business Group Chris Wood said.

"While this is encouraging, the importance of clubs establishing responsible and sustainable spending policies cannot be overstated. Clubs must balance their desire to be competitive on-pitch with the need to protect long-term financial and operational viability."

Edited by Jonathan Harding