British political parties spent over £10 million on the 1992 general election campaign in the constituencies. Most commentators believe that this expenditure has no impact on the election outcome. Analyses of the last three inter-election periods show otherwise, however. Parties spent most in marginal constituencies and in defending the seats that they held. In general, the more they spent, the better their electoral performance, which could have influenced the outcome in a not-insignificant number of seats. Overall, the pattern of local campaign activity appears to be both rational and effective.
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