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. 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. 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. But the British people took a different decision, and that is the way that democracy works.Īs we move to a new phase, I don't believe it is right that I should carry on as the British Commissioner as though nothing had happened.
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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.
Like many people here and in the UK, I am obviously very disappointed about the result of the referendum. However, that was followed by Vote Leave chief executive Matthew Elliott saying there was “no reason why a sensible arrangement couldn’t be put in place for passporting to continue”. "It would be a bit paradoxical to leave the EU and apply all EU rules but that is one solution if Britain wants to keep access to the single market." "There is a precedent, it is the Norwegian model of European Economic Area, that would allow Britain to keep access to the single market but by committing to implement all EU rules," he said. “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.”Įlsewhere, ECB Governing Council member Francois Villeroy de Galhau warned that London's financial centre is at risk of losing its prized "EU passport", which banks rely on to operate across Europe’s capital market. I will leave it certain that, despite its frustrations, our membership was good for our place in the world and good for our economy.
He added: “I came to Brussels as someone who had campaigned against Britain joining the euro and who was sceptical about Europe. He said he did not believe it is “right” that he continued in the role “as though nothing had happened.” Since his appointment as Britain’s European Commissioner, he has been a defender of the UK’s financial industry. The main news of the day is almost certainly the resignation of Lord Hill from his position as Britain’s most senior official in Brussels. Thanks for following our coverage on another eventful day as the world continues to reel from yesterday’s stunning Brexit vote.
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