Michael Carrick has maintained that Manchester United are capable of going toe-to-toe with their Premier League rivals in the title race, even though the club have been heavily outspent.

United signed three midfielders this summer for an initial fee of £148m, but Manchester City’s spending was roughly three times higher, including the joint British-record arrival of Enzo Fernandez for £125m. Chelsea also spent more than £300m, highlighted by a £117m move for Morgan Rogers.

Even so, Carrick feels financial muscle does not automatically translate into success on the pitch, and he is encouraged by his view that his squad is stronger than it was last season, when United collected the most points after his return to Old Trafford in January.

He said: “I definitely feel we can compete. I think the challenge is simply about finding the right dynamics, getting the right balance, putting together the right group, and bringing in the best players to improve the rest of the squad, whether that means experience or younger players. In the end, I understand the amount of money can be a major factor. It does not always have to be the answer, but it can be.

“It is up to us to put in the work and get the best out of the group. We have strengthened the squad from what we had last season, and we ended the season really strongly. We are very positive about where we can get to.

“Money is one thing, but what you do with it is another, and how you maximise it is another again. At the end of the day, it is about what happens on the pitch.

“There is a freshness around the group, there is an excitement around the group, and that is really encouraging. I will be honest, there is a hunger and a feeling of wanting to achieve something.”