Arsenal boss Arsene Wenger believes the plunging pound will be good for English football.

Wenger said: "If you put all the English players together you would have a team who could compete for the Champions League.

"And that time could soon be here because, with the new taxation system and the collapse of sterling, the domination of the Premier League on the European front could go.

"The euro was at 1.60, but now it's not and in the future that will be a problem for all English clubs."