John Key to step down as Prime Minister

John Key has announced he will step down as Prime Minister.

Key made the announcement at a press conference to the political gallery this afternoon.

The National caucus is expected to choose a new leader on the 12th of December and on that day he says he will tender his resignation. 

Key says he started informing his team at 8 am this morning.

“I spoke to all the cabinet members individually there was a lot of surprise and shock but they understood there was disappointment.” 

He says there will be opportunities ahead for members of his cabinet and if Bill English puts his name forward to be leader he will vote for him.

He told the press conference he felt very strongly that Bill English would be capable of successfully leading the National Party into the future.

When asked what he wished he could've finished while leading the country he says,“I wish we could’ve got TPP and Kerrmadecs through as well, I wish we could’ve changed the flag.” 

We will have more on this developing story throughout the day.