Arsene Wenger believes the new top level of tax in Britain will help spell the end of English football's dominance of the transfer market.
The Premier League has enjoyed a golden period with footballers attracted to the competition by the high wages on offer.
But clubs are already reeling from the falling value of sterling against the Euro and now chancellor Alistair Darling has delivered another blow.
He revealed in this week's budget plans to raise the top rate of income tax from 40 to 50 per cent for earnings over £150,000 a year.
Asked whether English football relied too heavily on imported talent, the Arsenal boss said: "Don't worry, that time will soon be over because with the new taxation system and with the collapse of sterling... the domination of the Premier League will end.
"The pound was at 1.45 or 1.60 (euros) at one stage...from one day to the next it will be a financial problem for all the English clubs."
Birmingham co-owner David Sullivan also believes the English game is in danger of losing its pre-eminence.
"The pound and the tax are issues because the majority of players still come from the eurozone," Sullivan told The Times.
"If players think tax changes mean they're losing out, they will ask for more.
"They do their sums, their agents do their sums and if you don't pay what they want maybe they go.
"The Premier League clubs have had an extraordinary 10-15 years where they've achieved total domination.
"If that reverses it's hardly a correction we can moan about, it's just a levelling of the playing field."
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