New Zealand Prime Minister John Key unexpectedly announced his resignation on Monday, saying it was the “right time” to leave politics after more than eight years in power.

Key said he had no immediate future plans, but told reporters he would stay in parliament long enough to avoid a by-election for his seat.

“There is no way I could have served out a full fourth term,” Key said at his weekly press conference in Wellington, citing family reasons for his departure. “I think in reality if I served six months or a full-year, I would have inevitably had to look down the barrel of a camera and say ‘I will serve a full three years’. I would therefore have mislead the public and that is not the way of operating.”

Key, a former foreign exchange dealer who worked at firms including Merrill Lynch, won office for the National Party in 2008, ending the nine-year rule of Labour’s Helen Clark.

He won praise with his stewardship of the NZ$240-billion ($170-billion) economy in the aftermath of the global financial crisis and two devastating earthquakes around Christchurch.

The National Party caucus will hold a meeting on December 12 to decide the new party leader and prime minister.

Key said he would vote for his deputy and finance minister Bill English to take over. ($1 = 1.4112 New Zealand dollars) </s> WELLINGTON: Popular New Zealand Prime Minister John Key announced his shock resignation Monday, saying it was the right time to go after eight years in the job.

“This is the hardest decision I’ve ever made and I don’t know what I’ll do next,” he told a news conference, adding that he had never seen himself as a career politician.

“Being leader of both the party and the country has been an incredible experience.”

Key, a former Merrill Lynch currency trader, had recently marked his eighth anniversary as prime minister and 10th year as leader of the centre-right National Party, which is set to meet next week to elect his successor.

Deputy Prime Minister Bill English is widely seen as the favourite to take over.

“I feel like I’m going out on top,” Key said, pointing to spending more time with his wife Bronagh and children Stephanie and Max as a key consideration.

“It would be easy to say I have made this decision solely to rediscover the personal and family life I once had, and that is a factor, but it is one among many,” he said.

“Over the years I have observed many leaders who, in a similar position, fail to take this step. I can understand why. It is a hard job to leave.

“But, for me and the National Party, this is a good time to go. Party membership is high and the party is well-funded.

“The caucus is talented and eager to serve, and one of the achievements of which I am proud is having built with my colleagues a Cabinet team that is capable, committed and cohesive. That is a great legacy for National’s next leader.”

Key came into politics relatively late, entering parliament in 2002 and assuming leadership of the National Party four years later. By 2008 he had ended nine years of Labour Party rule, ousting then-prime minister Helen Clark.

He won plaudits for his leadership during a string of crises in his first term, including a devastating earthquake in Christchurch in February 2011 which claimed 185 lives.

He also steadied the economy after the Global Financial Crisis without resorting to hard-line spending cuts, instead taking a steady, pragmatic approach that saw the budget return to surplus for the first time since 2008. AFP </s> WELLINGTON, New Zealand (AP) — New Zealand Prime Minister John Key resigns in surprise move after 8 years as leader. </s> Former New Zealand prime minister Bill English resigns from politics

New Zealand's opposition leader Bill English is quitting after losing last year's election.

The former prime minister said he was resigning as leader of the conservative National Party and leaving Parliament.

Mr English served as a politician for 27 years and took the reins as prime minister in December 2016 after his predecessor John Key resigned.

At the September election, Mr English sought to extend a nine-year hold on power for his party.

On election night, he appeared triumphant after National won the most votes of any party.

But the celebrations were short-lived, and the Labour Party went on to strike an alliance with two smaller parties and form a government under Prime Minister Jacinda Ardern.

Mr English served eight years as finance minister before taking the top job. </s> WELLINGTON, New Zealand -- New Zealand's popular Prime Minister John Key stunned the nation early today when he announced he was resigning after eight years as leader.

Key had been widely expected to run for a fourth term next year. But he said the job had taken a toll on his family, and he wanted to leave while he was on top of his game.

Key said his National Party caucus would meet Dec. 12 to decide on a new party leader and prime minister, and that he expected to formally submit his resignation that same day.

He said he would back his deputy, Bill English, to take over. English said he would likely decide in the next day or two if he would seek the role.

New Zealand's opposition leader, Andrew Little, said the decision took everybody by surprise.

"He is entitled to be recognized for what he has done for New Zealand," Little said.

New Zealand is enjoying relatively robust annual GDP growth of over 3 percent and the unemployment rate has fallen below 5 percent, thanks in part to an increase in tourism and construction.

Australian Prime Minister Malcolm Turnbull told reporters he'd sent Key a short message: "Say it ain't so, bro." </s> Auckland, New Zealand (CNN) New Zealand Prime Minister John Key has resigned, in a move that shocked many observers.

Key had been in power since 2008, and leader of the ruling National Party since 2006.

"Ten years at the top is a long time," he told reporters in Wellington on Monday, adding that he owed it to his family to step aside.

"A lot of leaders stay at the top too long."

Key, who has dominated New Zealand politics for years, winning three terms as prime minister, said he had "given everything" to the job.

"All of this has come at quite some sacrifice for the people who are dearest to me -- my family," he added.

He said that his adult children had faced "an extraordinary level of intrusion and pressure because of their father's job."

Key and his wife Bronagh have been married since 1984. They have two children, model and DJ Max, and Stephanie, an art student.

The National Party will hold a special caucus on Monday, December 12 to select a new leader, Key said, after which he will tender his resignation to the Governor General.

Key said he would support whomever was chosen, but said that his deputy prime minister and finance minister Bill English "would win the election in 2017."

English previously led the National Party to its worst-ever electoral defeat in the 2002 election.

Key said he will stay in his parliamentary seat long enough to avoid a by-election.

'Say it ain't so bro'

Opponents and supporters of Key voiced their shock at his announcement.

"John Key has served New Zealand generously and with dedication," wrote Labour Party leader Andrew Little. "I wish him and his family the best for the future."

Green Party co-leader Metiria Turei said she "fought every day against John's politics but always supported his right to be a dad (and) a husband first. I wish him and his family well."

Australian Prime Minister Malcolm Turnbull told reporters in Canberra that when he heard Key was about to resign he sent him a text message: "Say it ain't so bro."

New Zealand's political commentators appeared to agree that Key's style of exit was to be expected of him.

Jane Patterson, political editor at state broadcaster Radio New Zealand said Key had to resign ahead of the next election if he did not plan to see out another term. "His popularity is such that people have voted for National on the basis that he is prime minister," she commented on air.

"No one will begrudge Key leaving for family reasons," she said. "But the love affair between Key and the New Zealand public has been a long one. And while the initial ardor might have cooled, most kiwis would have been surprised to find out that the marriage is over."

But Young said Key's insistence that he could not have misled the public by pretending he could have completed a fourth term was true to form.

"He has almost always been a winner in life. He wants to go out as winner on his terms," she said. She suggested that New Zealand's opposition and Key's own caucus might not share his optimism that the National Party would do as well without him.

"He will be able to say he's retired undefeated as prime minister," Hooton said. "Broadly in a policy sense, people should interpret this as stability, it is almost certain that Bill English will become prime minister based on John Key's vote."

But Hooton said the National Party would be in a more difficult position without Key helming it. "John Key has won three elections in a row, that's really been based on his talent, his unique connection with the New Zealand people," he said.

"And that's because Labour will come off eight years on life-support as of today. This is genuinely massive for the opposition. They have a much better chance now that Key, the unmovable road-block, has moved himself out of the way." </s> (CNN) New Zealand Prime Minister John Key has resigned, in a move that shocked many observers.

Key had been in power since 2008, and leader of the ruling National Party since 2006.

"Ten years at the top is a long time," he told reporters in Wellington on Monday, adding that he owed it to his family to step aside.

"A lot of leaders stay at the top too long."

Key, who has dominated New Zealand politics for years, winning three terms as prime minister, said he had "given everything" to the job.

"All of this has come at quite some sacrifice for the people who are dearest to me -- my family," he added.

He said that his adult children had faced "an extraordinary level of intrusion and pressure because of their father's job."

Key and his wife Bronagh have been married since 1984. They have two children, model and DJ Max, and Stephanie, an art student.

The National Party will hold a special caucus on Monday, December 12 to select a new leader, Key said, after which he will tender his resignation to the Governor General.

Key said he would support whomever was chosen, but said that his deputy prime minister and finance minister Bill English "would win the election in 2017."

English previously led the National Party to its worst-ever electoral defeat in the 2002 election.

Key said he will stay in his parliamentary seat long enough to avoid a by-election.

'Say it ain't so bro'

Opponents and supporters of Key voiced their shock at his announcement.

"John Key has served New Zealand generously and with dedication," wrote Labour Party leader Andrew Little. "I wish him and his family the best for the future."

Green Party co-leader Metiria Turei said she "fought every day against John's politics but always supported his right to be a dad (and) a husband first. I wish him and his family well."

Australian Prime Minister Malcolm Turnbull told reporters in Canberra that when he heard Key was about to resign he sent him a text message: "Say it ain't so bro." </s> FILE - In this May 26, 2016 photo, Finance Minister Bill English, right, walks with New Zealand Prime Minister John Key to the House to deliver his Budget 2016 speech, in Wellington, New Zealand. English is set to become New Zealand's next prime minister following the shock resignation of John Key. (Mark Mitchell/New Zealand Herald via AP, File)

WELLINGTON, New Zealand (AP) — Bill English is set to become New Zealand's next prime minister following the shock resignation this week of John Key.

The two other challengers for the role both conceded on Thursday, saying that English had secured the majority support he needed from his 58 National Party colleagues in the parliament.

The conservative party's caucus meets on Monday and will officially pick Key's successor.

English has been Key's trusted deputy prime minister for the past eight years and has been praised for his handling of the economy in his role as finance minister. But critics say the 54-year-old lacks the charisma needed for the top job. English has previously led his party, taking them to a big defeat in the 2002 election.

Key had been a popular leader and was widely expected to contest a fourth straight election next year before his surprise resignation on Monday. Key said he wanted to leave while he was on top of his game and to spend more time with his wife and two children. During his resignation speech, Key endorsed English as the next prime minister.

As leader, English will get to choose the date of next year's election. Before the leadership change most people had expected it to be held in September, but some lawmakers are now calling for an earlier vote.

English on Thursday told reporters that events had been happening "pretty fast" over the last few days and he wanted to wait until he was confirmed by the caucus before outlining his plans.

"I won't be talking about being a prime minister until I am one," he said.

The other contenders for the role were Health Minister Jonathan Coleman and Corrections Minister Judith Collins. Both said they would now back English.

"I'm going to be supporting him 100 percent," Coleman said. "It is absolutely vital that the party comes together and gets on with the job of winning the next election."

English has been a politician for 26 years, after he was first elected to the parliament in 1990. He said he's gained wisdom and experience since leading the party to an election defeat.

"I was 39 years old then, with six children under 13," he said. "So if nothing else, I've got the opportunity to focus much more on the job now."

Under English, New Zealand has been enjoying relatively robust annual GDP growth of more than 3 percent and the unemployment rate has fallen below 5 percent. English has also managed to return small surpluses on the government's books over the past couple of years.

English said he will deliver tax cuts and spread the country's growing wealth to where it is needed. </s> WELLINGTON, New Zealand — New Zealand’s popular Prime Minister John Key stunned the nation on Monday when he announced he was resigning after eight years as leader.

Key had been widely expected to contest his fourth general election next year. But he said he wanted to ensure he didn’t make the mistake that some other world leaders have done, and instead wanted to leave while he was on top of his game.

Speaking in a shaking voice, Key said he had made personal sacrifices for the job and the role had taken a toll on his family.

Key said his National Party caucus would meet Dec. 12 to decide on a new party leader and prime minister, and that he expected to officially hand in his resignation that same day.

Key said he would back his deputy Bill English for the role.

The New Zealand dollar fell by nearly 1 percent on the news and was trading at $0.71 U.S.

Key was a successful currency dealer before first he became a lawmaker in 2002. He had a quick rise, becoming leader of his center-right opposition party in 2006 and then winning his first general election to become prime minister in 2008.

He won subsequent elections in 2011 and 2014 and retained remarkably high popularity ratings. His party was a clear favorite to win again at next year’s election, at least until his announcement.

Key said that steering the country of 4.7 million through the economic crisis of 2008 and on to relative economic success was a proud accomplishment. He also talked about the importance of standing beside the people of Christchurch after an earthquake in 2011 killed 185 people.

“Simply put, it has, for me, been the most remarkable, satisfying and exciting time of my life,” he said. “But despite the amazing career I have had in politics, I have never seen myself as a career politician. I have certainly never wanted my success in politics to be measured by how long I spent in Parliament.”

But he said the role came with costs.

“For my wife Bronagh, there have been many nights and weekends spent alone, many occasions that were important to her that I simply could not attend,” he said. “My daughter Stephie and my son Max have transitioned from teenagers to young adults while coping with an extraordinary level of intrusion and pressure because of their father’s job.”

He said he wasn’t sure what life after politics would bring, other than he would probably take up positions on a couple of boards. He said he would remain on as a member of parliament long enough that he wouldn’t force a special election ahead of next year’s general election.

“All I can say is that I gave it everything I had,” he said. “I have left nothing in the tank.” </s> Former Prime Minister Bill English has quit as leader of the National Party, bringing his 14-month stint at the party's helm to a close.

Mr English, who has been an MP for 28 years, also quit Parliament.

He twice led the National Party to defeat in an election, and announced he was stepping aside to give his party a chance to regroup from its dramatic fall from parliamentary grace.

On election night, National-ACT held a three-seat edge over their Labour-Greens rivals, but still fell four seats short of a clear majority.

Over the next 26 days, both parties courted the nine seats offered by NZ First, until Winston Peters eventually sided with Labour and the Greens to overturn the three-term National government and end Mr English's short 10-month stint as New Zealand's 39th Prime Minister.

"We will be by far the strongest opposition party this Parliament has seen because nearly one in two New Zealanders supported us," he said afterwards.

"And for a party going into opposition, we're in the best shape you've ever seen - there's talent, energy, a group of people who were geared up to be the government."

While gracious in defeat, Mr English signalled his own future as leader would be up for discussion in coming weeks.

Through his eight years as Deputy Prime Minister, Mr English fashioned a formidable combination with Sir John Key and loomed as the logical successor when his boss resigned last December.

Less than five months ago, he seemed a hot favourite to retain the Prime Minister role, with National polling 20 points clear of Labour.

Significantly, though, a Labour-Greens-NZ First coalition would still have held sway - and after newcomer Jacinda Ardern was promoted to Labour leader on August 1, she swung and maintained just enough momentum to snatch power.

Newshub.
John Key resigns as the Prime Minister of New Zealand and leader of the National Party after 8 years as PM and 10 years as party leader due to personal reasons.