This January, Premier League clubs were much more conservative than last, with only six sides actually committing money to a permanent signing. Considering £430million was spent in 2018's winter window, the fall to £180m in 2019 is dramatic indeed.
High player salaries, uncertainty around Brexit, and big teams being well stocked were factors in a month of modesty. Still, there were moves made and even deals sealed.
Here, Sportsmail assesses each club's work...
Arsenal
Unai Emery said at the start of January that Arsenal had no cash for major transfers so would have to concentrate on loans. By gosh he was telling the truth.
The club's only signing was Barcelona's Denis Suarez, who played under Emery at Sevilla. The 25-year-old has been unable to displace some bloke called Lionel so a temporary switch to north London – with the option to make the move permanent for around £20m in the summer – makes sense.
Pursuits of Ivan Perisic, Yannick Carrasco, and Christopher Nkunku fell down over fees. Arsenal let Emiliano Martinez go to Reading, and Emile Smith Rowe out to RB Leipzig, both loans.
Grade: B-
Bournemouth
Eddie Howe has used Bournemouth's Premier League security to make long-term investments in his squad to be integrated gradually. Spending a combined £31m on Dominic Solanke and Chris Mepham, two players with five Premier League starts between them, might be seen as excessive but both are 21 and ripe for Howe's coaching methods. He has shown he can improve players of that age.
Nathaniel Clyne is a ready-to-go signing to fill a gap at right-back, while Jermain Defoe and Tyrone Mings have been allowed out on loan for the betterment of their own careers.
Grade: A
Brighton
A quiet window for Chris Hughton, whose composure in press conferences is replicated in his approach to the market. If a deal is not right, he won't do it.
He has preferred to work with his group as it is, with the side seven points clear of the relegation zone. They did bring in two players for the future in Maribor striker Jan Mlakar and Viitorul Constanta midfielder Tudor-Cristian Baluta, 20 and 19 respectively. Both were loaned back to their clubs for the rest of the season.
Grade: C
Burnley
Sean Dyche produced one of the most warming stories of the window by bringing Peter Crouch back for a Premier League swan-song at the age of 38.
The deal is until the end of the season, believed to be no fee to Burnley, and gives Dyche variety in his attack. Sam Vokes went to the other way to Stoke in a deal that could be worth £9m including add-ons, a good price.
Burnley did push for Che Adams at Birmingham, making a final bid worth in excess of £12m, and may return in the summer depending bow the striker does for the rest of this campaign.
Grade: B
Cardiff
No balance sheet could ever detail the loss Cardiff felt this window. Emiliano Sala's disappearance when flying over the Channel after his £15m record transfer from Nantes will forever be etched into the club's history.
In the circumstances, Neil Warnock weighed up walking away. He will of course stay and he got back to work with the signing of Leandro Bacuna.
Oumar Niasse had already arrived on loan from Everton so should add spark to Cardiff's attack, which has been led in makeshift fashion to date.
Grade: N/A
Chelsea
Delivered an answer to the most pressing issue in the squad, namely getting an elite striker in and offloading Alvaro Morata, who had begun to look like the timid kid at the back of the class who only puts his hand up to ask to go to the loo.
Whether Gonzalo Higuain can score the goals to get Chelsea into next season's Champions League depends on how quickly he adapts to England at the age of 31. Bournemouth wasn't a great start.
Signing Christian Pulisic for £58m seems decent long-term business, but only if they can keep Callum Hudson-Odoi beyond summer. It would be odd in the extreme to spend that money only to lose another talented winger developed in-house.
Grade: B
Crystal Palace
Steve Parrish brought all the deadline-day drama, announcing the return of 'Batsman' Michy Batshuayi at gone midnight. Bringing in the Chelsea striker on loan looks a shrewd move for some extra pep in Roy Hodgson's attack, although the 25-year-old's underwhelming stint at Valencia raises a notion of doubt.
Palace also brought back Bakary Sako and trimmed the squad of players who wished to get regular games, such as Jason Puncheon and Jonny Williams.
Grade: B
Everton
Idrissa Gueye's proposed move to Paris Saint-Germain dominated Everton's January, and in the face of a transfer request and numerous bids of over £20m Marco Silva can view the 29-year-old staying as a victory. It will be fascinating to see how Gueye responds to missing out on a deal of a lifetime, however.
Everton really needed to add a centre-forward to allow Richarlison back out to his best position on the wing, but any approach for Batshuayi failed. Instead it was no in-comings and a few outgoings on loan, Kieran Dowell and Mason Holgate to name two.
Grade: C
Fulham
Nobody in the photograph announcing Aboubakar Kamara's loan to Yeni Malatyaspor looked happy. Maybe because they've just been told the yoga session is next. You imagine people at Fulham are wearing smiles at least. Getting rid of a winger who has acted like a one-man wrecking ball is good business whatever the price.
Ryan Babel has already shown in glimpses he was worth bringing in from Besiktas for free, while Lazar Markovic is ready for his customary mid-season mission to a relegation battle.
Signing Bordeaux right-back Youssouf Sabaly would have been the cherry on top. Fulham met the £12m release clause, Sabaly had his medical, then Bordeaux went cold, refusing to answer calls for four hours in the most costly case of ghosting since Tinder was invented.
Grade: C+
Huddersfield
How do you approach a window when you look doomed to relegation? Huddersfield went for the sensible option - making a couple of low-cost acquisitions that will work in the Championship rather than gambling big money on a survival that seems impossible.
Jason Puncheon can provide moments of quality, while Jaden Brown, coming from Tottenham, is a good prospect as an England Under-19 international left-back. Brown went out to Exeter on loan.
Grade: C
Leicester
Bringing in Youri Tielemans can be regarded as a significant coup. The midfielder moved to Monaco for £22m in 2017 with a reputation as one of Europe's most promising players and, now 21, will bring energy, quality and forward motion to Leicester's core. Monaco only sanctioned a loan as they believe they can get big money for him in the summer. Despite his youth he has more than 250 appearances in his career.
Adrien Silva went the other way, with Vicente Iborra also moved on. Andy King will get games at Derby as Claude Puel got his squad numbers to a manageable level. Perhaps Leicester could have done with another striker to rival Jamie Vardy but there is time for that in the summer.
Grade: B+
Liverpool
Jurgen Klopp has driven his club to a different place than last season, so the requirements of this window are different too. Twelve months ago Virgil Van Dijk was arriving for a record £75m fee. This time no signings, as the German is happy with who he has as Liverpool chase a first title in 29 years.
There was no need to make a Fastino Asprilla-style purchase with the potential to upset the apple cart. There is commendable courage in that conviction.
Grade: B
Manchester City
Pep Guardiola has effectively kept his chequebook dry also, although City would have done Frenkie De Jong had the money been right. Not £65m.
City have developed a reputation for walking away from deals when the cost gets too high, although perhaps the lure of Barcelona for De Jong was the primary cause he is not coming to England.
City did sign a midfielder, Ante Palaversa from Hajduk Split for £7m, but he is 18 and heading back to Croatia on loan.
Grade: C
Manchester United
Another big club, another spend of zero. Having a supposed caretaker manager in charge, even if it is Ole Gunnar Solksjaer, makes it difficult to complete any long-term transfer targets.
However tying Anthony Martial down to a new contract can be seen as positive work this month, while the imminent departure of Marouane Fellaini to China marks a movement on from a player who, unfairly or not, represented a turgid period in United's history.
Grade: B
Newcastle
The last time Newcastle broke their transfer record Tony Blair was still two years from standing down as PM, the Nokia 1110 was the most popular phone, and Tony Christie reprised 'Is This the Way to Amarillo' with Peter Kay for the biggest-selling single.
That was 2005, when Michael Owen joined for £16.8m from real Madrid. Now, finally, this is the way to Almiron. Miguel Almiron.
Mike Ashley has dusted off the wallet to grant Rafa Benitez the exciting No 10 from Peru and it is a significant development. Jacob Murphy was allowed to leave on loan for West Brom to get games.
Grade: A
Southampton
Ralph Hasenhuttl knows his mind and was satisfied to go by without making a signing. The Austrian tried for Che Adams but ultimately decided to settle for the players he has, which includes Charlie Austin. It had seemed Austin was destined to depart but without any incomings Southampton need his scoring capabilities.
We shall see if Southampton pay for not injecting some freshness into the side but Hasenhuttl has shown he can extract improved performances from those already at St Mary's.
Grade: C
Tottenham
We knew Spurs were in all likelihood going to finish a second successive window without making a signing, but the injuries to Harry Kane and Dele Alli gave cause for them to try a final-day bid for Batshuayi.
Chelsea wanted more than £5m in loan fees from Spurs, despite eventually sending him to Selhurst Park for £2m. All's fair in love and war for the top four.
Adrien Rabiot also looked close at one stage, but the 23-year-old PSG midfielder was said to prefer Liverpool or Barcelona. So Mauricio Pochettino must continue to weave magic.
Grade: C
Watford
Javi Gracia keeps things quietly ticking along at Vicarage Road and it was the same story for the club in this window. No links, no drama, no signings. Just fine for a team who look collected and robust. Chelsea reportedly took a look at Abdoulaye Doucoure but that never gathered pace.
Ben Wilmot, the 19-year-old previously signed from Stevenage, moved to Udinese on loan. Not a bad few months for him.
Grade: C
West Ham
The Marko Arnautovic saga dominated West Ham's month and Pablo Zabaleta admitted the loss of focus affected the dressing room. Arnautovic got a new contract so he is satisfied for the time-being, but at what cost to the side's harmony.
Samir Nasri arrived on good wages but looking trim after his ban. He played well in the win over Arsenal but then got injured. Let's just hope he doesn't decide to quicken his recovery via any intravenous methods.
Mesaque Dju, a 19-year-old striker on a free from Benfica, is one for the future. Reece Oxford was allowed to leave on loan for Augsburg.
Grade: C
Wolves
Wolves triggered the signing of Jonny Otto for £18m from Atletico Madrid. A tidy profit on the circa £9m Atletico paid Celta for his signature last summer despite the full-back never playing for Diego Simeone. Good agent, that, whoever it is.
They pulled out of a deadline-day deal for Rubin Kazan's Iran international Sardar Azmoun because the Russian side wanted an obligation to buy in the summer, rather than an option. Wolves did not wish to commit to an £11.4m purchase without seeing the striker play first in England. They were not content to take his nickname as the 'Iranian Messi' as gospel.
Leo Bonatini was allowed on loan to Nottingham Forest and long-serving Danny Batth went to Stoke for £3.5m.
Grade: B
Rockmans
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Arsenal charge the highest prices in the country and spend nowt on transfers, if I was an Arsenal supporter I would be asking some searching questions about the running of the club. Directors lining their pockets and investing nothing in the playing side of the club.