In a large saucepan, bring 500ml of water to a boil. Add salt, a tbsp of olive oil with 450ml of red wine.
Add the fettuccini and simmer until just before al dente (about 6-7 minutes).
Keep 75ml of the cooking liquid aside.
Drain the pasta once cooked, cover to keep warm.
While the pasta is cooking, in a large sauté pan, over medium-high heat, melt half of the butter in the pan and add the streaky bacon pieces.
Cook for 2 minutes until crispy, then add the garlic, chilli flakes and continue to cook for a further 30 seconds or so until the garlic is softened and lightly coloured.
Next, add the 50ml of red wine and 75ml of cooking liquid and 2 tbsp balsamic vinegar to the sauté pan and bring to simmer for 2 more minutes or so. Remove from the heat and combine the rest of the butter.
Add the cooked pasta to the sauté pan and toss to coat with the sauce. Toss in with the parmesan and fresh parsley.
Check the seasoning and enjoy immediately with some crusty bread and a glass of red wine.