Transfer fees don't dissipate away into nothingness. If you pay another English club 20 million for some journeyman, then a few windows down the line that money will circle its way back to you. The net amount is misleading as the majority of the fee is just being recirculated and topped up by the introduction of stupid billionaires and inflation.
So you would have a higher fee for an English transfer because the money is going at a more rapid rate. You would be less inclined to pay as much to a club in Europe because it will be a fucking long time before you see that money again. It's like a sickening game of pass the parcel.