It's a bit difficult to compare transfers at the moment with all the add-ons that may or may not become payable and all the undisclosed deals, but once you take into account Matic, it looks like Utd will have a net spend of around £155m and City's will be around £160m.
City have replaced the full backs, added a keeper and and added Bernardo Silva. The fullbacks and the keeper represent a massive improvement for City. Silva is a luxury given we have David Silva and De Bruyne, but he is a special player that will excite the fans.
Utd meanwhile have exchanged Lukaku for Ibrahimovic and brought in Lindelof and Matic. I did not think Ibrahimovic was that good for Utd last season as although he scored a good number of goals, he was very static and I think he damaged Utd's attacking play. Lukaku will probably score more goals, but there are aspects of his game, such as his hold up play and first touch which are not good. I hope they top it off by buying Perisic. It would be one of the most wasteful transfer spends in history if Mourinho does that.
Utd must be grateful so far that Arsenal, Spurs and Liverpool have been relatively inactive as well. I am sure it wont last though.