"Obviously Mourinho has come into Chelsea and City are spending quite a bit of money, but it is not something we are worried about," he adds.
"We are the champions. We know it's not easy to defend the trophy, but we have experienced it before and we will try to do it again this season. The quality is in the squad. We showed that last year. Now we have to show it again."
The Reds, so far, have not brought in any established signings, but Giggs isn't pinning all United's hopes for the new campaign on new signings.
"I think it has been a slow transfer window," he says. "I said City had done their business early on but other than that, there has not been a lot of movement. It could be a hectic last two weeks. We will just have to wait and see.
"If we sign someone - great. If not we will just get on with it. We are quite happy with the players in our dressing room. We won the league with those players and we are looking forward to the start of the season."