Although I very much promote the study of maths, as I teach maths with science, I find Lord Willis's comments very much like those that used to surround the medical profession when Latin was dropped as an entry qualification to medical courses.
Universities and other awarding bodies clearly see the need to provide qualifications which students want, and obviously employers want too. As employers are on the committees of the universities and awarding bodies, and make up the Subject Sector Councils (SSC) clearly they are in a position to set the standard bar. Subjects and courses go in and out of fashion and those in education try to respond to the needs and wants of both students and employers.
Latin caused an access problem for the medical profession so it was changed. As most scientists and engineers need an understanding of numbers and to be able to use spread sheets rather than 'pure maths' the course entry criteria is steadily changing, that way F/HE can get enthusiastic students and teach them the maths which they need.
Next will be a campaign for texting in Latin... but only in the House of Lords.