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Nornagest comments on On saving the world - Less Wrong
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How do you know that campaign spending is reduced? You don't know the alternative roads that the money travels when you don't allow the obvious roads. Just because you don't see the money flowing anymore doesn't mean that the invisible hand of the market doesn't direct the money to those opportunities where it produces political effects.
The loss of transparency of money flow is a big problem with spending limits.
Who cares whether individuals are limited when you have corporations? But even if you have antitrust laws that prevent a single corporation from controlling all media that doesn't mean that you can't have 10 corporations with similar agendas controlling all media.
In fairness, we can't very well assume without evidence that this is true, either. We're probably best off with comparing results; are the laws of the UK notably friendlier or unfriendlier to wealthy individuals? What about monied businesses?
Note that friendliness in this sense doesn't necessarily mean deregulation; regulations tend to lower profits but also tend to raise barriers to entry. If a particular business institution is worried about disruption by emerging players, it may be rational for it to accept or even push for regulation. Trade barriers are an especially pure example.