Liverpool have never been shy of splashing the cash in the January transfer window.

The likes of Cody Gakpo, Luis Diaz and, of course, Virgil van Dijk have all made their Anfield switches at the turn of the year, quickly coming in and making an impression on Merseyside under the weight of expectations.

However, things were a little quieter this year. Jurgen Klopp’s decision to leave the Reds at the end of the season may have impacted the club’s winter plans, but, regardless, Liverpool decided not to open their wallets this January.

With the club fighting on four fronts and aiming to give Klopp a dream send-off, here’s a grade for each of Liverpool’s major dealings in the January market.

Carvalho spent the first part of the campaign with RB Leipzig but struggled for game time and was subsequently recalled by the Reds. The attacking midfielder made 15 appearances for the German outfit, although just three were starts, and failed to provide a single goal contribution during his time at the Red Bull Arena.

The Portuguese U21 international has since joined fellow Liverpool loanee Tyler Morton at Hull City and has already netted his first goal for the Tigers after just three Championship appearances. The move will guarantee him first-team football and give him a platform to develop, even if it’s at a lower level than expected.

Grade: B

Calvin Ramsay is also one to watch for Liverpool moving forward, especially given the emergence of Conor Bradley. The Scottish right-back struggled with injuries during his loan spell with Preston North End for the first half of the season and was limited to just two Championship appearances.

The 20-year-old has since taken the step down to League One Bolton Wanderers, but recent history shows it can be a fruitful move for the former Aberdeen man.

Bradley, who has sparkled for Liverpool’s first team this term, won Bolton’s Player of the Season award last year after a successful loan spell in the third tier. For Ramsay, if he can stay fit, a loan move could have a similar impact, with the Scotland international desperate for some regular minutes to aid his development.

Grade: C

Having enjoyed a run in the Liverpool starting lineup during the club’s centre-back injury crisis in the 2020/21 campaign, Rhys Williams hasn’t flirted too regularly with the Reds’ first team since. The defender has had loan spells at Blackpool and Swansea City since, as well as an unsuccessful switch to Aberdeen in which he didn’t make a single appearance.

Having made the move to League One strugglers Port Vale in January, Williams has since been recalled by Liverpool after just 16 days following a cruciate ligament tear. The 23-year-old has had rotten luck with injuries this term and any hopes of a future at Anfield seem to be fading with every passing month.

Grade: F

Another surprise member of Liverpool’s 2020/21 campaign, partnering Williams in the heart of defence for much of the season, Nat Phillips’ first-team opportunities have been similarly limited since.

The 26-year-old spent the first half of the season at Celtic – a deal that was only ever meant to last six months – but only managed eight appearances for the Bhoys. Now at Cardiff City in the Championship, the ‘Bolton Baresi’ is likely to earn more regular minutes.

However, for the sake of his career, Phillips desperately needs a permanent move away from the Reds, especially given there is no chance of him playing a part in the club’s plans. With his contract expiring in 2025, Liverpool could do with offloading the centre-back, even if they receive a nominal fee.

Grade: E