Britain's European Commissioner Jonathan Hill yesterday announced that he will stand down following his country's decision to leave the EU, saying he was "very disappointed" but "what is done cannot be undone."

EU Commission chief Jean-Claude Juncker said Hill's position as financial services chief would be taken by Valdis Dombrovskis, the commission vice president for the euro, but that he was open to taking a new British commissioner.

"As we move to a new phase, I don't believe it is right that I should carry on as the British Commissioner as though nothing had happened," said a statement by Hill, a former member of Britain's House of Lords.

"In line with what I discussed with the President of the Commission some weeks ago, I have therefore told him that I shall stand down," he said.

Hill's appointment in 2014 to the important financial services job was seen as an olive branch to a eurosceptic British government, due to the importance of the City of London financial centre to the British and European economy.

Hill said he had come to Brussels despite being "sceptical about Europe" but had become convinced that "despite its frustrations" membership benefitted Britain.

Juncker said he had tried to persuade Hill to stay on.

The question now is whether London will appoint a new commissioner in order to have an official in the tent during Britain's divorce negotiations from the EU, which are likely to take at least two years.

A European Commission statement said Juncker "stands ready to discuss swiftly with the British prime minister potential names for a commissioner of UK nationality as well as the allocation of a possible portfolio."