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UK handed surprise as Brit lands top EU finance job

by: Dan Jones
  • 11/09/2014
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UK handed surprise as Brit lands top EU finance job
The UK financial services industry’s hand in European Union negotiations has been strengthened by the surprise appointment of a Conservative peer to the key role of EU commissioner for financial services.

Announced as part of new European Commission president Jean-Claude Juncker’s (pictured) cabinet this morning, the former leader of the House of Lords Jonathan Hill was named to the high-profile post.

Hill’s new role comes contrary to suggestions he would be relegated to the sidelines.

He was nominated earlier this year by David Cameron as the UK’s European commissioner, and the UK had lobbied hard for a key economic role for the peer.

But Hill’s status as a relative unknown, coupled with Cameron’s earlier decision to oppose Juncker’s candidacy for European Commission president, had raised concerns over the UK’s ability to have its say.

The role is seen as particularly crucial to the UK given its recent clashes with Europe over issues such as bonus caps for the banking industry.

The European Commission, seen as the most powerful European Union body, has responsibility for drafting EU laws and ensuring compliance with treaties.

Today’s decision is also significant in that it comes ahead of a potential renegotiation of the UK’s relationship with the EU next year.

Hill will now serve a five-year term as commissioner for financial services, running until 2019, subject to his approval by the European Parliament.

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