This contribution focuses primarily on the overall conclusions of the chapter about the British Telecom case-history, from a regulatory viewpoint. However, there are some specific points which deserve comment from a regulatory perspective. The key elements of the assessment of performance pre and post privatisation in this chapter focus primarily, though not exclusively, on productivity, prices and capital investment, and I will present some thoughts on each of these. My main concern is that privatisation should be seen as a package with other policies. It also reinforces my support for the conclusions that its impact alone is unlikely to be huge.