Another way to look at it, I guess, is to forget the numbers and consider that people have consistently said we wouldn't spend enough to win the league.
We still haven't done that, so in that sense they're absolutely right. As for the amount of money required, that's for Wenger to work out. But £40m is still a long, long way from the total amount invested by most of our rivals.
You have (and I've) done a fair share of ranting about Wenger's transfer market reticence in the past twelve months.
I feel pretty cautious about this supposed change in our transfer parameters, but I do think we'll at least be bidding on players in the £20-30m bracket this summer.