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.
More top news
Police have arrested four men in connection to the suspected terror-linked murder of a police worker in Sydney.
Volkswagen could start recalling cars containing emissions cheating software in January, according to the firm's new chief executive.
A toddler survived for days on his own after his mother collapsed and died as she fed his one-year-old brother - who also choked to death.