Abstract

This article analyzes business power in the context of noisy politics by comparing business involvement in two British referendum campaigns: one about membership in the European Communities in 1975, and the Brexit referendum about European Union membership in 2016. By exploring these two contexts, the article seeks to identify the conditions under which business elites can and cannot be effective in a context of noisy politics. Three key factors are identified as determinants of business influence during periods of noisy politics: the incentives to get directly involved in noisy politics; the legitimacy of business involvement; and, finally, the capacity to act in a cohesive way. The article shows that these factors have changed substantially over the last four decades because of wider changes in the nature of capitalism, and their impact on business power in the United Kingdom and more generally is discussed.