14.04 - How to fix “The system is running in low-graphics mode” error on particular kernel?

I am using Ubuntu 14.04.03 on a Dell Inspiron 15-5547, AMD Radeon HD R7 M265 dual graphics with the fgrlx-updates drivers. Since the update to kernel 3.16.0.60, when I try to boot into my computer, I am getting this error:

The system is running in low-graphics mode

I have followed the suggestions described here (reinstalled the proprietary drivers via apt-get).

However, the problem persists, when i boot into 3.16.0.60.
Kernel 3.16.0.59 boots without problems.

Is there a mismatch of kernel vs drivers, which should be considered a bug?
Is there something I can do in order to get graphics working on kernel 3.16.0.60?
As a temporary workaround: where can I change the default kernel my system boots into?

EDIT: The problem persisted up to and including kernel 3.16.0.67. I found a bug report in launchpad, which however had no activity. I have updated to 16.04 on the day of release due to this bug and do not have this problem any more.