He said he did not think it was right to him to continue working as a commissioner in charge of financial services.
But he will remain in office for two weeks to ensure the “orderly delivery.”
Close ally of British Prime Minister David Cameron, Lord Hill in the United Kingdom and the payment to remain in the EU.
It will be replaced by a political solution of Latvia Valdis Dombrovskis, the European Commissioner for the euro now.
Asked whether the United Kingdom will send one to Brussels to talk to Lord Hill in committee, said Downing Street: “I will be the next prime minister to make a decision, after discussions with European partners, what is the role played by the United Kingdom at the European Commission due to remain a full membership in the European Union so we left. ”
The announcement by Lord Hill as EU foreign ministers urged Britain to hold talks on a quick left bloc, after having voted to terminate the membership on Thursday.
But German Chancellor Angela Merkel said they were not in favor of paying for a hasty withdrawal, noting that “there is no need to be particularly bad in any way” in negotiations with Britain over the exit.
The Scottish Prime Minister Nicola Sturgeon in another development, said it will seek “immediate discussions” with Brussels “to protect a place in Scotland in the European Union” in the wake of the so-called voting Brexit.
Ms Sturgeon new Scottish independence referendum is “highly likely.”