Updated | British Commissioner steps down: ‘What’s done cannot be undone’

European Commissioner for Financial Stability, Financial Services and Capital Market Jonathan Hill is standing down following the seismic result which saw Britons going for a UK exit.

Hill has informed European Commission President Jean-Claude Juncker of his decision to resign from his post as European Commission.

In an official statement, Lord Hill – sent to Brussels by UK Prime Minister David Cameron – said that what was done cannot be undone.

“I came to Brussels as someone who had campaigned against Britain joining the euro and who was sceptical about Europe,” Hill said.

In light of the referendum outcome, it's right for me to stand down https://t.co/zAt9rsNUz0

— Jonathan Hill (@JHillEU) June 25, 2016

“I will leave it certain that, despite its frustrations, our membership was good for our place in the world and good for our economy. But what is done cannot be undone and now we have to get on with making our new relationship with Europe work as well as possible.”

Hill said that he was very disappointed by the result.

“I wanted it to end differently and had hoped that Britain would want to play a role in arguing for an outward-looking, flexible, competitive, free trade Europe. But the British people took a different decision, and that is the way that democracy works,” he said.

Hill said that, given the result and the new direction his country will be taking, it was not right to carry on as the British Commissioner as though nothing hand happened.

“In line with what I discussed with the President of the Commission some weeks ago, I have therefore told him that I shall stand down. At the same time, there needs to be an orderly handover, so I have said that I will work with him to make sure that happens in the weeks ahead,” Hill said.

“I am very grateful to Jean-Claude Juncker for giving me the chance to work on financial services and for the opportunity to help support jobs and growth in Europe. I was also glad to have worked with other Commissioners in trying to take forward our programme of reform, and to have had the chance to work with excellent officials at DG FISMA and in my own team.”

Accepting Hill’s resignation letter, Juncker said he had assigned Hill the finances portfolio “as a sign of my confidence in the United Kingdom's membership of the European Union”.

“To my great regret, this situation is now changing. I have tried to convince Lord Hill to stay on as Commissioner. I consider him to be a true European and not just the British Commissioner. However, I understand his decision and I respect it,” Juncker said.

Juncker has now asked Valdis Dombrovskis, Vice-President responsible for the Euro and Social Dialogue, to take over the portfolio for Financial Stability, Financial Services and the Capital Markets Union.

“In his role as Vice-President, Valdis Dombrovskis is already coordinating many of the key files under this portfolio, working closely with other Commissioners, the European Parliament and the Council on several important legislative proposals in this area, such as the European Deposit Insurance Scheme,” the European Commission President said.

“With his experience, expertise and his good network amongst Members of the European Parliament, Finance Ministers and Prime Ministers, Vice-President Dombrovskis is ideally placed to ensure continuity in the Financial Stability, Financial Services and Capital Markets Union portfolio."

Lord Hill's resignation will take effect on 15 July (midnight), while President Juncker's decision to transfer his portfolio will take effect on 16 July. This will allow for an orderly transition of this important portfolio.

Under the EU Treaties, there should be one Commissioner per Member State in the Commission. The European Commission said that its President “stands ready to discuss swiftly with the British Prime Minister potential names for a Commissioner of UK nationality as well as the allocation of a possible portfolio”.