"I
don't believe it is right that I should carry on as the British
commissioner as though nothing had happened," Hill said in a
statement. "I have therefore told (European Commission President
Jean-Claude Juncker) 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, 55, a professional lobbyist and former Conservative party
leader in Britain's upper house of parliament, follows his close
ally Prime Minister David Cameron in stepping down in the wake
of the referendum on Thursday.
He had already faced calls in the European Parliament to give up
the sensitive financial services portfolio, which will be a
focus of interest in exit negotiations between Brussels and
London. He has had a key role in setting regulations that give
Britain's huge banking sector access to euro zone markets.
As long as Britain remains an EU member it will continue to have
a seat on the 28-strong Commission, giving Cameron, or more
likely his successor, a right to nominate another commissioner,
whose appointment would be subject to EU parliamentary approval.
The distribution of portfolios in the Commission is in the gift
of its president, former Luxembourg premier Juncker, in
negotiation with the leader of the member state nominating their
commissioner.
Hill's appointment to the finance job in 2014 was seen as a
peace offering from Juncker to Cameron, who had tried to block
the Commission president's own appointment that year. It was
viewed with some suspicion by euro zone bankers keen to
challenge London's dominance as Europe's financial capital.
(Editing by Mark Potter)
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