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David Cameron’s financial markets nominee vows to keep Britain in EU David Cameron’s financial markets nominee vows to keep Britain in EU
(about 4 hours later)
Lord Hill of Oareford, David Cameron’s nominee to oversee financial markets for the new European commission, has pledged to work to keep Britain in a stronger Europe, despite his party’s pledge that could see the UK quit the EU.Lord Hill of Oareford, David Cameron’s nominee to oversee financial markets for the new European commission, has pledged to work to keep Britain in a stronger Europe, despite his party’s pledge that could see the UK quit the EU.
He also committed to clamping down hard on bankers’ bonuses in the City if the chancellor, George Osborne, lost his case at the European court of justice contesting EU rules curbing bonuses. He also committed to supporting a clampdown on bankers’ bonuses in the City if the chancellor, George Osborne, loses his case at the European court of justice contesting EU rules curbing bonuses.
In written answers to the European parliament before being grilled on Wednesday on his suitability to become EU financial services commissioner, the Conservative peer – a former lobbyist and friend of the prime minister – sought to soften the tension between Britain and Brussels that accompanied Jean-Claude Juncker’s appointment as the new commission chief in June.In written answers to the European parliament before being grilled on Wednesday on his suitability to become EU financial services commissioner, the Conservative peer – a former lobbyist and friend of the prime minister – sought to soften the tension between Britain and Brussels that accompanied Jean-Claude Juncker’s appointment as the new commission chief in June.
Cameron ran a fierce but unsuccessful one-man campaign to stop Juncker, but the former prime minister of Luxembourg responded magnanimously, offering London the plum post of overseeing financial markets and regulation.Cameron ran a fierce but unsuccessful one-man campaign to stop Juncker, but the former prime minister of Luxembourg responded magnanimously, offering London the plum post of overseeing financial markets and regulation.
Hill faces three hours of questioning from the parliament’s economics committee. He is guaranteed to be given a hard time because many, particularly on the left, believe giving a Briton in oversight of the City is akin to putting a fox in charge of the chicken coop.Hill faces three hours of questioning from the parliament’s economics committee. He is guaranteed to be given a hard time because many, particularly on the left, believe giving a Briton in oversight of the City is akin to putting a fox in charge of the chicken coop.
“I am proud to have been nominated to be a member of the commission of Jean-Claude Juncker,” Hill told the MEPs: “This commission takes office at a crucial moment for the relationship between the EU and the UK … I am keen to play my part in making the argument that the UK is stronger as part of a stronger EU.”“I am proud to have been nominated to be a member of the commission of Jean-Claude Juncker,” Hill told the MEPs: “This commission takes office at a crucial moment for the relationship between the EU and the UK … I am keen to play my part in making the argument that the UK is stronger as part of a stronger EU.”
In June, Hill told the House of Lords that Juncker’s appointment would complicate Cameron’s mission to renegotiate the terms of Britain’s EU membership ahead of the proposed referendum.In June, Hill told the House of Lords that Juncker’s appointment would complicate Cameron’s mission to renegotiate the terms of Britain’s EU membership ahead of the proposed referendum.
“It is clearly the case that the outcome of the discussions over the new president [Juncker] make that task more difficult,” he told a Lords debate on the EU summit that appointed Juncker. “Having as president of the commission someone who in the past has not been associated very strongly with a reform agenda is not going to make the task easier for Britain.”“It is clearly the case that the outcome of the discussions over the new president [Juncker] make that task more difficult,” he told a Lords debate on the EU summit that appointed Juncker. “Having as president of the commission someone who in the past has not been associated very strongly with a reform agenda is not going to make the task easier for Britain.”
The session is part of a fortnight of confirmation hearings that got underway in Strasbourg on Monday. They are a crucial test of the Juncker team’s viability before it takes office for the next five years on 1 November.The session is part of a fortnight of confirmation hearings that got underway in Strasbourg on Monday. They are a crucial test of the Juncker team’s viability before it takes office for the next five years on 1 November.
An early test of Hill’s possibly divided loyalties concerns the issue of bankers’ bonuses, with London-based institutions widely seen to be evading new EU rules restricting payouts to the equivalent of a salary. The Treasury has taken the EU to court to contest the rules.An early test of Hill’s possibly divided loyalties concerns the issue of bankers’ bonuses, with London-based institutions widely seen to be evading new EU rules restricting payouts to the equivalent of a salary. The Treasury has taken the EU to court to contest the rules.
There are plenty of MEPs who believe a British Conservative peer will not be a neutral referee on the issue. Authority over bonuses in the EU executive will lie with the justice commissioner and not Hill, but the peer will also have a crucial role, being in charge of financial regulation.There are plenty of MEPs who believe a British Conservative peer will not be a neutral referee on the issue. Authority over bonuses in the EU executive will lie with the justice commissioner and not Hill, but the peer will also have a crucial role, being in charge of financial regulation.
Hill pledged to be an honest broker.Hill pledged to be an honest broker.
“We must together find the approach that best respects the technical nature of the measures, while taking into account their impact on the functioning of the financial system,” he said. “The same applies to bonuses. I am aware that the UK has legally challenged the directive on this issue in a case brought before the ECJ.“We must together find the approach that best respects the technical nature of the measures, while taking into account their impact on the functioning of the financial system,” he said. “The same applies to bonuses. I am aware that the UK has legally challenged the directive on this issue in a case brought before the ECJ.
“Our institutions will defend the legislation in the normal way. Once the judgement is handed down, we will all study it carefully and consider any further action that may be necessary. If a member state does not comply with EU rules, or tries to circumvent them, I will ensure that full use will be made of the various enforcement tools available. I will support, whenever necessary, investigations on alleged breaches of EU law. I will promote action by the commission, first through EU pilot procedures, and if necessary with formal infringement proceedings. As guardian of the treaties, I will not hesitate to take recourse to these measures should the integrity of the legal framework be at stake.”“Our institutions will defend the legislation in the normal way. Once the judgement is handed down, we will all study it carefully and consider any further action that may be necessary. If a member state does not comply with EU rules, or tries to circumvent them, I will ensure that full use will be made of the various enforcement tools available. I will support, whenever necessary, investigations on alleged breaches of EU law. I will promote action by the commission, first through EU pilot procedures, and if necessary with formal infringement proceedings. As guardian of the treaties, I will not hesitate to take recourse to these measures should the integrity of the legal framework be at stake.”
Cecilia Malmström, a Swedish liberal who has been awarded the important trade portfolio, was the first of the 27 nominee commissioners to be grilled. She was questioned on the ongoing negotiations with Washington over an ambitious but controversial EU-US trade pact known as TTIP. A key point of objection from the parliament concerns a proposed investor protection clause that would enable multinationals to sue governments in trade disputes, narrowing the decision-taking powers of democratically elected national governments.Cecilia Malmström, a Swedish liberal who has been awarded the important trade portfolio, was the first of the 27 nominee commissioners to be grilled. She was questioned on the ongoing negotiations with Washington over an ambitious but controversial EU-US trade pact known as TTIP. A key point of objection from the parliament concerns a proposed investor protection clause that would enable multinationals to sue governments in trade disputes, narrowing the decision-taking powers of democratically elected national governments.
Several nominees – including Hill as well as prospective commissioners from Spain, France, Hungary, and Slovenia – can expect tough hearings and it is not ruled out that Juncker may have to make changes to his team before the overall commission faces a full vote of parliamentary confidence on 22 October.Several nominees – including Hill as well as prospective commissioners from Spain, France, Hungary, and Slovenia – can expect tough hearings and it is not ruled out that Juncker may have to make changes to his team before the overall commission faces a full vote of parliamentary confidence on 22 October.
Hill is relatively handicapped by the lack of party bloc support in the parliament since under Cameron the Tories have marginalised themselves. The two big blocs of Christian and social democrats have struck a deal not to cause trouble for each other’s nominees, senior parliamentary sources said. But Hill is unlikely to benefit from such a pact.Hill is relatively handicapped by the lack of party bloc support in the parliament since under Cameron the Tories have marginalised themselves. The two big blocs of Christian and social democrats have struck a deal not to cause trouble for each other’s nominees, senior parliamentary sources said. But Hill is unlikely to benefit from such a pact.