I might be stating the obvious here, but I'm fairly certain MO'N wouldn't have ruled the England job out so hastily if he wasn't aware there was some serious fundage available. I have absolute faith in the manager, whether this month is anticlimatic transfer-wise or not.
I think there'll be serious activity in the summer, but January will only see a maxiumum of 2 'squad' players inbound; players of Barnes' calibre, who probably won't 'start' ahead of Petrov/Gardner on the right, but will break the starting 11 steadily and prove their worth in seasons to come.