Some analysts are pointing out that Premier League spending was higher this January window than last season, despite FFP or rumours of a new-found sense of financial responsibility:

It’s worth looking at this in more detail, by club. A brief glance indicates the vast majority of spending (and net loss on transfer deals) came from Newcastle with a net loss of minus £12,056,000, Liverpool FC (Sturridge and Coutinho) at negative £22 million, and QPR, the latter of whom lost an impressive £21,560,000 in transfer exchanges this January window.

The rest posted losses below 10 million (11 clubs) or made good to significant gains (5, with Norwich unchanged). Not great, but not enough of a trend to make claims about renewed financial irresponsibility this transfer window.