Thank very much for bringing to all our attention. A little googling and I can see there is a bit of a storm brewing over this.
IPSE are meeting about this on Friday (http://www.ipse.co.uk) and it will be good if they take it on.
There is also an online petition to Mr Cable himself at change.org (here: http://goo.gl/tw41gq) which is worth signing to see if we can get some things changed.