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| Britain handed financial services portfolio in European commission | Britain handed financial services portfolio in European commission |
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| Britain has been given the influential financial services portfolio in the European commission in what will be seen as a coup for David Cameron. | Britain has been given the influential financial services portfolio in the European commission in what will be seen as a coup for David Cameron. |
| In a surprise move by the president of the EU executive, Jean-Claude Juncker, the previously little-known Conservative peer Lord Hill of Oareford was named the new commissioner for financial stability and regulation. | In a surprise move by the president of the EU executive, Jean-Claude Juncker, the previously little-known Conservative peer Lord Hill of Oareford was named the new commissioner for financial stability and regulation. |
| There were fears within the UK government of a lesser role for the British candidate, as a punishment for Cameron's strong opposition to Juncker's appointment to the top Brussels job. Juncker had also indicated he wanted the UK to put forward a woman to be its commissioner. It was reported that he had to Google Hill – a former adviser to John Major, lobbyist and education minister – to find out who he was after Cameron proposed him. | There were fears within the UK government of a lesser role for the British candidate, as a punishment for Cameron's strong opposition to Juncker's appointment to the top Brussels job. Juncker had also indicated he wanted the UK to put forward a woman to be its commissioner. It was reported that he had to Google Hill – a former adviser to John Major, lobbyist and education minister – to find out who he was after Cameron proposed him. |
| However, Juncker appears to have buried the hatchet by giving such a coveted role to the UK, which has battled to protect the interests of financial services in the City of London during the regulatory crackdown following the banking crisis. | However, Juncker appears to have buried the hatchet by giving such a coveted role to the UK, which has battled to protect the interests of financial services in the City of London during the regulatory crackdown following the banking crisis. |
| Cameron and Osborne were quick to welcome the appointment, but it is certain to run into opposition during a commissioner's hearing next month in the European parliament. | Cameron and Osborne were quick to welcome the appointment, but it is certain to run into opposition during a commissioner's hearing next month in the European parliament. |
| Hill will have to ensure he is perceived as regulating financial services in the collective European interest and without showing any favouritism towards the City of London. | Hill will have to ensure he is perceived as regulating financial services in the collective European interest and without showing any favouritism towards the City of London. |
| The tricky position this puts him in was highlighted by the Ukip leader, Nigel Farage, who said: "What a coup for Juncker – he has got an Englishman to be hangman for the British financial industry." | The tricky position this puts him in was highlighted by the Ukip leader, Nigel Farage, who said: "What a coup for Juncker – he has got an Englishman to be hangman for the British financial industry." |
| Hill said he was grateful that Juncker had given him a great responsibility in asking him to take on a sector of fundamental importance to the European economy. | Hill said he was grateful that Juncker had given him a great responsibility in asking him to take on a sector of fundamental importance to the European economy. |
| "I am very much looking forward to working in his team. There is much work to do to build on the important legacy to ensure we have stable and well regulated financial markets … I look forward to playing my part in building a stronger Europe." | "I am very much looking forward to working in his team. There is much work to do to build on the important legacy to ensure we have stable and well regulated financial markets … I look forward to playing my part in building a stronger Europe." |
| The chancellor, George Osborne, said the announcement was great news for Britain, while the prime minister's official spokesman suggested it was a positive sign for Cameron's hopes of achieving reforms in Britain's relationship with Brussels. Awarding the financial regulation brief to Britain, while unexpected, conforms to a pattern Juncker has laid down in his distribution of jobs – handing responsibility for policy areas to countries who regularly complain about policy shortcomings in those very areas. | The chancellor, George Osborne, said the announcement was great news for Britain, while the prime minister's official spokesman suggested it was a positive sign for Cameron's hopes of achieving reforms in Britain's relationship with Brussels. Awarding the financial regulation brief to Britain, while unexpected, conforms to a pattern Juncker has laid down in his distribution of jobs – handing responsibility for policy areas to countries who regularly complain about policy shortcomings in those very areas. |
| Britain, for example, is regularly at odds with Brussels over financial regulation and is worried that the interests of the EU's biggest financial services sector will lose out under pressure from the euro single currency zone. | Britain, for example, is regularly at odds with Brussels over financial regulation and is worried that the interests of the EU's biggest financial services sector will lose out under pressure from the euro single currency zone. |
| Rather than seeking to change EU policy, Hill will be under pressure to oversee financial markets impartially. An early test will be how he deals with bankers' bonuses. The EU has decreed curbs on the bonuses and Brussels is enraged that London-based banks appear to be sidestepping the new rules with ease. Hill will be under pressure to enforce the new rules. | Rather than seeking to change EU policy, Hill will be under pressure to oversee financial markets impartially. An early test will be how he deals with bankers' bonuses. The EU has decreed curbs on the bonuses and Brussels is enraged that London-based banks appear to be sidestepping the new rules with ease. Hill will be under pressure to enforce the new rules. |
| UK business groups were cheered by Hill's appointment. The chief executive of manufacturers' organisation EEF, Terry Scuoler, said the portfolio gave Lord Hill a chance "punch above its weight … in an area of policy which is of critical importance for the UK economy". | UK business groups were cheered by Hill's appointment. The chief executive of manufacturers' organisation EEF, Terry Scuoler, said the portfolio gave Lord Hill a chance "punch above its weight … in an area of policy which is of critical importance for the UK economy". |
| The CBI, a lobbying group for leading companies, said it hoped Hill would use his key role at Europe's top table to "complete the single market, get an EU-US trade deal over the line and pull back where the EU does not add value". | The CBI, a lobbying group for leading companies, said it hoped Hill would use his key role at Europe's top table to "complete the single market, get an EU-US trade deal over the line and pull back where the EU does not add value". |
| However, Labour said the new commissioner still had to rebuild many alliances broken by Cameron in Europe. The shadow minister for Europe, Gareth Thomas, said: "The key test for David Cameron remains whether he can ensure that Britain plays a leading role in pushing an agenda for change and reform within the new European commission." | However, Labour said the new commissioner still had to rebuild many alliances broken by Cameron in Europe. The shadow minister for Europe, Gareth Thomas, said: "The key test for David Cameron remains whether he can ensure that Britain plays a leading role in pushing an agenda for change and reform within the new European commission." |
| Hill was branded "Lord Who?" when Cameron plucked him from the Lords to represent Britain's interests in Europe but he has long been influential in the Conservative party – most prominently as an adviser to Sir John Major when the former prime minister was in No 10. | Hill was branded "Lord Who?" when Cameron plucked him from the Lords to represent Britain's interests in Europe but he has long been influential in the Conservative party – most prominently as an adviser to Sir John Major when the former prime minister was in No 10. |
| Cameron was expected to go for a big name candidate for the UK's nomination, but in the end, he appeared to plump for diplomacy and pragmatism over star quality. With experience almost entirely in lobbying and behind-the-scenes politics, the Cambridge-educated 54-year-old Hill is regarded as a trusted operator and party loyalist, who will work to deliver Cameron's aims of reform in Brussels. | Cameron was expected to go for a big name candidate for the UK's nomination, but in the end, he appeared to plump for diplomacy and pragmatism over star quality. With experience almost entirely in lobbying and behind-the-scenes politics, the Cambridge-educated 54-year-old Hill is regarded as a trusted operator and party loyalist, who will work to deliver Cameron's aims of reform in Brussels. |
| Having once replied "non, non, non" when asked whether he would want the job of EU commissioner, Hill had to greet the news of his nomination by denying that he was a "reluctant conscript". |