Sorry, but I'm pretty sure none of the freshly graduated QF cadets would have either 700 TT or 250 ME. Although there's a whole lot of changes going on with recruitment at the moment (and clearly, taking on cadets is part of that - in fact this was explicitly stated in a recent memo), you simply cannot say they have dropped the minimums in order to allow cadets to fly.
At the end of the day - they can allow anyone to fly (as long as they have the right piece of paper). All this does is change the number of people who get in the door for testing. I know a bunch of guys with a few thousand hours who didn't get an interview under the old requirements. Willing to bet they'll be just as many who get a job with only the new minimum in the book.