I'd actually suggest standards of English players are on the rise now - the performance of the youth teams suggests as much. True about prices though.
You're right, the standards are improving again, compared to perhaps 5 years ago, but compared to 15 years ago, the quality is still really bad. For instance; very few of the current English players would be in the England team in the mid-noughties. Walker would be in there (ahead of Neville/Johnson), so would Kane. Sterling, maaaaybe, but the rest of this generation, even the upcoming generation would struggle to even get friendly call-ups 10-15 years ago.