Britain secured its most prized job in Europe on Wednesday as Jean-Claude Juncker stunned Brussels by tapping Lord Hill, a Tory peer plucked from obscurity, to oversee the bloc’s financial services sector.
Alex Barker reports from Brussels that the unexpected move by the incoming European Commission president represents a big gamble and a dramatic olive branch to David Cameron, the British prime minister who aggressively opposed him taking the helm of the EU executive.
Financial services regulation has been the source of discord between London and Brussels in recent years, as the EU has expanded its authority and pushed through contentious measures such as the banker bonus cap.
Mr Juncker’s willingness to offer this plum portfolio to Mr Cameron is an indication of how seriously his Commission will take the need to solve “the British question” ahead of a possible in-out referendum.
The nomination will be seen as a victory for Mr Cameron given the rock-bottom expectations in Westminster.
