Nick Clegg has said it was "gutting" and "heartbreaking" to see Liberal Democrat colleagues lose out in the European elections.
The Deputy Prime Minister admitted his party's strategy of standing up to Ukip's euroscepticism "didn't work", but said it was "right that we stood up for the values we believe in".
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.