Why did Premier League clubs spend so little in January?

The January transfer window came and went without the usual flurry of activity from Premier League clubs as spending by the English top-flight collapsed to its lowest level in a non-pandemic season since 2012.English clubs spent just £100 million last month, down from a record £815 million 12 months ago, as for the first time since 2011, the Premier League was not the highest spending division in Europe for a transfer window.