Cable says serious allegations warrant Comet inquiry

Vince Cable has denied that the action taken to save failed retailer Comet was too little too late. He said social and economic collapse have also been very significant.

But he has admitted that people would expect the government to investigate what happened after the private equity firm, OpCapita bought the company last year for one pound. The firm will reportedly walk away with up to £50 million.

He adds that there are allegations both significant and serious enough to warrant proper inquiry.

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Taxpayer facing huge Comet bill

The collapse of electricals retailer Comet has left the taxpayer facing a £50 million hit, a report from its administrator is expected to show this week.