Cable said he had no knowledge of the 'reprehensible' polls leaked by Lord Oakeshott on Nick Clegg's leadership.
The Liberal Democrat peer is taking a leave of absence from the Lords and resigning from the party, but is he the 'busted flush' some think?
Read the full statement from Lord Oakeshott on why he is resigning from the Liberal Democrats.
Business Secretary Vince Cable said Lord Oakeshott did tell him about various polls he was conducting, but denied he had any involvement in the poll leaked to the Guardian on the future of Nick Clegg's leadership of the Liberal Democrats. He said:
"Parties conduct polls all the time at national level. In this particular case, Lord Oakeshott asked my election campaign manager if we wanted a poll in my local constituency, we said yes. It was a private poll done for election planning, absolutely nothing to do with national leadership.
"I was aware he was conducting other polls around the country. [...] In one case, we sat down and discussed the details, but I had absolutely no knowledge, and was certainly not involved in any commissioning of surveys done in Sheffield Hallam."
There's no doubt Lord Oakeshott means it when he says he resigned from the Lib Dems with a "heavy heart".
But his parting statement is only likely to add to the party's turmoil. In it, he warns that the Liberal Democrats are "heading for disaster" if they keep Nick Clegg as leader - a final attempt to undermine the deputy Prime Minister.
And he goes on to suggest he told the Business Secretary Vince Cable about the damaging polls he commissioned and leaked to the Guardian.
It leaves the two men at the top of the party with more questions to answer.
One senior source told me Lord Oakeshott is now "a busted flush" but it's clear the Liberal Democrat infighting following the party's disastrous showing in the local and European elections is far from over.
Lord Oakeshott has used his 'final' tweet to urge Liberal Democrat party members to force a leadership election to avoid "disaster" at the 2015 General Election.
That was my last Tweet. Thanks so much to my 5467 loyal followers. I will stay on Twitter for a few days to read any replies or messages.
The Liberal Democrat Party have issued the following statement in the wake of Lord Oakeshott's resignation, calling his decision "understandable in the circumstances."
This is Lord Oakeshott's decision and is understandable in the circumstances.These have been a difficult few days after a disappointing set of election results.But now is the time to get on with the business of Government and getting our message out about what the Liberal Democrats are delivering in Government to build a stronger economy and a fairer society - cutting income tax, bringing down the deficit, creating jobs and making sure everyone benefits from our economic recovery.
Senior Liberal Democrat sources have called Lord Oakeshott a "busted flush" after the peer claimed that the party is heading for disaster under Nick Clegg.
ITV News Political Correspondent Libby Wiener reports:
Lord Oakeshott a "busted flush" - says senior Libdem source, after peer claims party heading for "disaster" under Nick Clegg
Lord Oakeshott looks set to cause further embarrassment, saying in his statement that Vince Cable knew of the results of his leadership poll "several weeks ago." ITV News Political Correspondent Libby Wiener reports:
Lord Oakeshott set to cause even more embarrassment saying told Vince Cable results of poll "several weeks ago"
Lord Oakeshott issued this statement announcing his intention to resign from the Liberal Democrats and take a leave of absence from the House of Commons.
I am today taking leave of absence from the House of Lords and resigning as a member of the Liberal Democrats. I am sure the Party is heading for disaster if it keeps Nick Clegg; and I must not get in the way of the many brave Liberal Democrats fighting for change.
– Lord Oakeshott
I leave, with a heavy heart, the party I helped to found with such high hopes with Roy Jenkins, Bill Rodgers, Shirley Williams and David Owen at Limehouse in 1981.
We then, like most Liberal Democrats now, wanted a radical progressive party, not a “split the difference” Centre Party, with, in Shirley’s memorable words, no roots, no principles and no values.
But that is where Nick Clegg has led us. I am sorry I have so upset and embarrassed my old friend Vince Cable and that we were not able to talk before he issued yesterday’s statement from China.
Lord Oakeshott has announced he is to resign from the Liberal Democrats and take a leave of absence from the House of Lords
In a statement, Lord Oakeshott said:
Lib Dem @oaskeshottm: I am today taking leave of absence from the House of Lords and resigning as a member of the Liberal Democrats.
Oakeshott: Party is heading for disaster if it keeps Nick Clegg...I must not get in the way of the many brave LibDems fighting for change
Oakeshott: leave, with a heavy heart, the party I helped to found with such high hopes with Roy Jenkins...Shirley Williams and David Owen
"I am sorry I have so upset and embarrassed my old friend Vince Cable and that we were not able to talk before he issued yesterday’s statement from China." The statement also said