Sharechat Logo

NZ PM Key to step down citing family toll, backs English as successor; dollar drops

Monday 5th December 2016

Text too small?

Prime Minister John Key will step down on Dec. 12, citing the burden the job placed on his family, and said he would support Finance Minister Bill English as his successor if his deputy puts his name forward.

The kiwi dollar dropped on the news that Key, who has maintained persistently high poll ratings as leader, is leaving ahead of next year's general election. It was recently at 70.88 US cents from 71.06 cents earlier.

"Ten years at the top  - it's a long time, it's a lot of lonely nights for Bronagh," Key said at a media conference in Wellington. "I felt this was the opportunity for me to do what very few leaders get to do, to transition to a new leader. I really felt I wasn't a career politician."

The National Party caucus is to meet on Dec. 12 to consider a successor. Key said he will vote for English if he is put forward. The NZ Herald reported English is expected to become PM and Steven Joyce to become deputy and finance minister.

By stepping down now, Key will ensure his replacement gets a long run at the election.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports