The article addresses some of the main issues raised by the seemingly upsetting result of Massimo Florio’s study: the net welfare benefits of the massive British privatisations are ambiguous and marginal at best. Does this mean that the overall results of the British privatisation process were in fact trivial? Much ado about nothing? The article argues that this very important result actually shows the need for further research efforts which go beyond the simplistic assumption that privatisation leads to straightforward economic and efficiency gains and should try to understand more deeply the logic of privatisation. The article suggests that the impact of privatisation has been substantial, even if it cannot be detected easily at the macro-level, and should be analysed at the micro-level, where the interplay between the renewed institutional framework and the changing actors’ identities and strategies produces relevant transformations, both from the economic and social points of view.