A scheme to cut energy costs will mean the UK is not the worst in the world, the Business Secretary said on Monday.
In an astonishing admission of the limits of the Government's ambitions, Jonathan Reynolds said he hoped it would make Britain 'not the least competitive'.
He said that while the UK could not hope to compete with low prices in the US, it could move to 'the middle of the pack'.
Energy-intensive businesses have warned they face 'crippling' costs, putting them at a disadvantage to competitors in the US and Europe where costs are far lower. Ministers have pledged to slash electricity costs for thousands of businesses to help them compete with foreign rivals.
They hope bills can be cut by 25 per cent for some companies as part of the Government's industrial strategy which it announced on Monday.
