#Brexit: UK Commissioner Lord Hill to resign from the European Commission

Commissioner Lord Hill, responsible for Financial Stability, Financial Services and the Capital Markets Union, has informed European Commission President Juncker of his decision to resign from his post.

President Jean-Claude Juncker said: "It is with great regret that I have accepted Lord Hill's decision to resign from the European Commission. Lord Hill is an experienced politician for whom I have great respect and I want to sincerely thank him for his loyal and professional work as a member of my team.

"At the beginning of this Commission's mandate, I wanted the British Commissioner to be in charge of Financial Services, 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.

"The work of the European Union must go on. After having spoken with Martin Schulz, president of the European Parliament, I have 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 co-ordinating 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.

"With his experience, expertise and his good network among MEPs, 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."

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