Why has the Premier League transfer window been so quiet?

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Just over a year ago, Premier League clubs went into spending overdrive and used the 2023 January transfer window (and, crucially, the breathing room after the winter World Cup in Qatar) to rack up record-breaking fees as more than £800 million was spent.

Chelsea's acquisitions of midfielder Enzo Fernández (£106.8m) and forward Mykhailo Mudryk (£62m, rising to £89m) were the headline deals as they spent around £300m on their own, but almost every club got involved: Arsenal (£55m), Liverpool (£35m), Newcastle United (£40m) and Aston Villa (£25m) sensed an opportunity and tucked in, while relegation-threatened Southampton (£55m) and Leeds United (£35m) also…