The UK’s most senior European Union official just resigned

In a statement, he said he was “clearly very disappointed” about the result of the referendum, including: “I wanted it to end otherwise and had expected that Britain would need to play a part in claiming for an outward-looking, flexible, competitive, free commerce Europe”. Hill’s brief will be taken on by the Latvian Valdis Dombrovskis, now a vice president of the commission. “I have therefore told (European Commission President Jean-Claude Juncker) that I shall stand down”.

The question now is whether London will appoint a new commissioner in order to have an official in the tent during Britain’s divorce negotiations from the European Union, which are likely to take at least two years.

“As 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”, Hill said in an e-mailed statement yesterday.

Juncker’s decision to award the crucial finance portfolio to a Briton was meant to pour oil on troubled waters, after David Cameron tried to block Juncker’s appointment. Sven Giegold, a German member of the European Parliament, said at the time that his nomination to the financial-services post amounted to “putting a fox in charge of the hen house”. Juncker said he’s ready to talk with Cameron about nominees to fill the UK’s slot on the EU’s executive body.

Hill’s last day will be on 15 July.

The EU’s treaties say each member state should have a commissioner – Britain remains a member until the divorce is finalised – “but the ball is really in the UK’s court” as to whether it nominates someone else. Despite that mission, successive British governments have lobbied to get a big financial dossier for the British commissioner, in a bid to safeguard the interests of the City of London. National governments and elected MEPs agree European Union laws that have been drafted by the commission.

“Like many people here and in the United Kingdom, I am obviously very disappointed about the result of the referendum”, Hill said, adding that he wanted it “to end differently”.

But an European Union source said that Britain would inevitably get a lower-profile job this time.

“The prime minister is sorry that Lord Hill has chose to step down”, said a Downing Street spokesman. He is extremely grateful to Lord Hill for his service at the European commission in the crucial portfolio of financial stability, financial services and capital markets union.

The Brexit vote also led to the resignation of British Prime Minister David Cameron, who said that another Conservative leader will have to lead negotiations for leaving the EU. “He has done an excellent job as a commissioner”.