New Zealand PM John Key resigns

The Dollar Business Bureau

The Prime Minister of New Zealand and leader of the National party John Key has put in his papers in an unexpected move citing family reasons for his departure.

He said he is leaving on his own terms and wants some new talent to fill up the space vacated by him. "One of the things that I have always believed in is making room for new talent, and let's be blunt, I have taken the knife to some other people and now I am taking the knife to myself to allow others to come through and have those opportunities, and that is a healthy thing," he said.

Key is hopeful of a National Party member making it as a Prime Minister after fighting the elections to be held before November next year.

Key is the view that his Deputy Prime Minister Bill English should stand as the prime-ministerial candidate and that he would vote for him if English puts his name forward. English has successfully served as the finance minister despite leading his party to an electoral debacle in the 2002 election.

Key said that he was not ready to serve a full fourth term calling his decision to quit as the hardest one he ever had to make. Key is one of the most famous prime-ministers New Zealand has ever had. He has been serving as the PM since 2008 and had recently completed 10 years as leader of the National party.

His resignation will come into effect after a meeting by the National MPs on December 12.