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.
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.