I think that possibly it is more along the lines of Cable suggesting that those who went the school-college-uni-school route do not possibly have the skills required to tell school leavers about how to seaerch for apprentiships, jobs and other opportinities and to appreciate that not everyone is suited for higher education.
From my time in schools in the early 2000's the prescribed route was to funnel everyone into college straight from schools. It hadn't helped that many mahjor comapnies had stopped their apprentice programs at teh time for cost purposes reasoning that they could recruit from an already skilled pool.
This policy has backfired in recent years with the skilled people now retiring and there being no one to take their places. Companies such as United Utilities and BAE have in recent times restarted their apprentice programs. Several freinds of mine are now managers in these companies and have told me first hand how bad things got with skills shortages, especially as labour from eastern Europe didn't have the required skills and qualifications (and in many cases security clearance) to fill the posts.
There is palnty of well paid work out there for those that don't want to go down the university route.