Speaking today after the announcement of EU Commission portfolios, the Foreign Secretary Philip Hammond said:

This is a good outcome for the EU and a vote of support for Britain’s reform agenda. We have consistently called for a Commission that will rebuild democratic accountability and restore European competitiveness. This is a team with the skills, experience and ambition to change the EU for the better.

I particularly welcome Lord Hill’s nomination as Commissioner for financial stability and financial services, where he can help drive forward well regulated, secure, financial markets – an asset to the whole European economy, and which will help support jobs and growth.

A properly regulated financial services industry is a vital economic interest for the whole UK – for London, for Edinburgh, for other towns and cities across Europe – and for the peoples of the EU too. It will be in good hands.

I especially congratulate my Dutch counterpart Frans Timmermans, who brings great ideas about the role of national parliaments and better regulation to his new role as Commissioner for Better Regulation, Inter-Institutional Relations, the Rule of Law and the Charter of Fundamental Rights.

This is a good day for all of us who want to see a reformed EU.

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