New Zealand PM announces his surprised resignation

New Zealand Prime Minister John Key unexpectedly announced his resignation today, saying it is the right time to leave politics. Key said he has no immediate future plans, but he will stay in parliament long enough to avoid a by-election for his seat.

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