Lib Dem leader Nick Clegg is committing his party to abolishing prison sentences for the possession of drugs, including heroin and cocaine.
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?
Nick Clegg has questioned Ukip's political intentions, saying that their leader Nigel Farage was "ploughing on with a politics of blame."
Speaking on LBC Radio's 'Call Clegg' programme, the deputy Prime Minister said that he felt Ukip's proposals would "only make feelings of insecurity worse."
Clegg is facing questions from the general public for the first time since the Liberal Democrats suffered a mauling in recent elections.
Nick Clegg will face further questions over his leadership of the Liberal Democrat despite facing down a failed coup from within his party earlier this week.
Clegg faces a potentially tricky situation in dealing with senior colleague Vince Cable, with the Business Secretary being forced to deny involvement in polls Lord Oakeshott ran which indicated the party's general election performance would improve were Mr Clegg to resign.
The Deputy Prime Minister will also face questions from the public for the first time since last weeks' poor election results on his weekly radio phone-in on LBC Radio.
Liberal Democrat Transport Minister Baroness Kramer has defended Vince Cable.
She told BBC Two's Newsnight:
All I can say is Vince has made a categorical statement, I'm comfortable with that.
He said that basically (Lord Oakeshott's) behaviour has been inexcusable.
As far as I'm concerned he's doing what he should do, which is he's in China working for the British economy and state.
Asked whether Dr Cable knew that Lord Oakeshott's polls were asking about the Business Secretary's suitability as a potential Lib Dem leader, Lady Kramer said:
I haven't talked to Vince.
Knowing Vince I very much doubt it because you just look at the statements that Vince made before he left for China, he was very supportive of Nick Clegg, he understands what our job is for the next year, he's made those same kind of statements in China.
Business Secretary Vince Cable said he had "absolutely no knowledge" of the polls conducted by Lord Oakeshott on the future of Vince Cable as Liberal Democrat party leader.
In his resignation statement, Lord Oakeshott said Vince Cable was aware of the results of the polls, and aware he was carrying them out.
Vince Cable said he was aware of some polls, intended for the purposes of planning for next year's general election, but not any of the polls in Inverness or Sheffield Hallam, concerning Nick Clegg's tenure. Speaking from China he said he regretted the resignation of his friend.
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.