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Arsenal have committed £70million to secure the futures of Jack Wilshere, Alex Oxlade-Chamberlain, Kieran Gibbs, Aaron Ramsey and Carl Jenkinson, who have all signed new five-year deals.

The improved contracts mean Wilshere’s pay goes from £50,000 to £80,000 a week, Oxlade-Chamberlain’s has trebled to £60,000 a week and Gibbs
has had a rise of £10,000 a week to around £50,000 a week. It is believed Ramsey now earns £60,000 a week while Jenkinson will earn about £35,000 a week, an increase of £15,000.

As Sportsmail exclusively revealed on Wednesday morning, five of their new-look British core have signed long-term contracts. And the north London club confirmed the news in the afternoon.

Manager Arsene Wenger of Arsenal stands over (L-R) Carl Jenkinson, Aaron Ramsey, Jack Wilshere, Kieran Gibbs and Alex Oxlade-Chamberlain

Manager Arsène Wenger said: 'We are delighted that these five young players have all signed new long-term contracts. The plan is to build a team around a strong basis of young players, in order to get them to develop their talent at the Club.

'Jack is certainly the best known, the leader of this group - but the other four players are exceptional footballers, and we’re very happy that we could conclude their new deals at the same time.

Wenger continued: 'Gibbs, Jenkinson, Oxlade-Chamberlain, Ramsey and Wilshere represent a core of the squad and it’s an extension for a long period for all of them.

On the town: Jack Wilshere was out at the Arsenal Christmas party last night

Out on the town: Jack Wilshere (left) joined Kieran Gibbs and Thomas Vermaelen (right) last night for the Arsenal players' Christmas party

Peace! Gervinho was also out on the tiles

Joining in: Theo Walcott and Melanie Slade

Joining in: Contract rebel Theo Walcott was joined by Melanie Slade (right) as Gervinho looks ready to party (left)

'I’m a strong believer in stability and I believe when you have a core of British players, it’s always easier to keep them together and that’s what we’ll try to achieve going forward.'

Arsenal’s push to keep their best British talent indicates a deliberate shift in Wenger’s thinking.

After basing his sides around foreign players for years, the manager seems to have had a change of heart after the likes of Robin van Persie, Cesc Fabregas, Samir Nasri and Gael Clichy all left the Emirates Stadium.

Speaking after the thumping win at Reading, Wenger said: ‘We have a core of good young English players and I hope we will be able to build a team around them and that they can achieve something together.’

Another British player who continues to negotiate a new deal at the club is Theo Walcott. The striker rejected a deal worth £75,000 a week in August, and hopes to get closer to £100,000.

Walcott joined his team-mates yesterday at two Michelin star restaurant L'Atelier for the team's Christmas party.

Fresh after thrashing Reading 5-2 on Monday evening, the players seemed in high spirits as they hit the town in central London.

Golascorers Lukas Podolski, Walcott and hat-trick hero Santi Cazorla may have had greater cause to celebrate after helping the side bouncing back from a humiliating 1-0 defeat in the Capital One Cup last week to League Two outfit Bradford.