A leading financial expert has told Soccernet that he predicts zero net spending in the Premier League, Championship, and League One combined.
Predicting a sharp fall in spending and a less than active transfer deadline day, Geoff Mesher said: ''Clubs are tightening their belts and for that reason I can see that spending will level out. There is not the level of money knocking around for clubs to be splashing out large amounts on transfers.
"The wage bills are the biggest drain on club resources, and clubs are looking to get players out before they bring them in."
Producing a report entitled Football Transfer Tracker, the partner at Grant Thornton observed that there are more loan deals with the case of Craig Bellamy and Manchester City highlighted and free transfers.
He said: "Manchester City have a surplus of very good players and Cardiff are the beneficiaries of that [signing Bellamy on loan]. But there have been a number of high profile signings on free transfers already: Joe Cole and William Gallas for example, and there will be more."