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.
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.
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.