Dear God, John Redwood says something entirely sane. This frightens me - there is something we agree on. Naturally, I followed a link from Chris Dillow - I don't read his stuff, you know.
But I think he's right that a big part of the solution to party spending is that the buggers ought not to spend so much. As energy geeks will tell you, only half the problem is supply. After all, if they couldn't rely on spin, broadcast ads, and billboards they would rely so much more on their activists, which would imply greater accountability of the politicians to the base. Broadcast, by the way, should here be read to include all forms of one-way, centre to mass communication.
In a sense, large donations and their pal, broadcast campaigning are to British politics what oil revenues are to (enter 'orrible rentier state here). That is, they provide a way of escaping not only from accountability, but also from the realities of society.