Warning - there was an unexpected script error. Application may not work as expected.</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 — 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.

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.

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 ," 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 and the unemployment rate has fallen below 5 . English has also managed to return small surpluses on the government's books over the past couple of years.</s>New Zealand Finance Minister and Deputy Prime Minister Bill English speaks to members of the media in Wellington, New Zealand, December 5, 2016 to announce he is considering running for the leadership of the ruling National Party after the surprise resignation of Prime Minister John Key. REUTERS/Charlotte Greenfield

WELLINGTON (Reuters) - New Zealand Finance Minister Bill English is set to be confirmed as the country's next leader after both his competitors for the prime ministership dropped out of the race on Thursday.

Health Minister Jonathan Coleman and Police Minister Judith Collins both conceded the race as it became clear that English had the support of the 59-member caucus.

English said the swift agreement within the ruling center-right National Party on a new leader would help the government ensure a smooth transition following John Key's surprise resignation earlier this week.

"It's going to allow us as a government to re-set, look forward and provide New Zealand with good government after John Key," English told reporters in New Zealand's distinctive "Beehive" parliament building in the capital, Wellington.

English, who thirteen years ago oversaw a disastrous election loss for the National Party to the center-left Labour Party, takes the reins of a country in good economic shape compared to much of the developed world.

But it hasn't been smooth sailing in recent years with a slump in global milk prices harming the country's major export commodity and low inflation causing a persistent monetary policy headache.

English also presided on Thursday over a downgrade to the budget surplus estimate for 2016/17, largely due to an estimated NZ$1 billion in net costs related to a devastating earthquake that rocked the nation last month.

The government's half-year economic and fiscal update showed it expects to post a NZ$473 million ($341.13 million) surplus in the year to June 2017, lower than its prior forecast of NZ$719 million.

The hugely popular Key will also be a hard act to follow.

"I won't do it the same way as John, I'm a different person," Key said. "It will lead to changes in how the national party will operate."

Both Collins and Coleman threw their support behind English to provide a unified stance for the party ahead of next year's general election, where the Nationals are expected to lose some support without the extremely popular Key.

"It is very important that the party comes together, gets on with the job of winning the next election," Coleman told reporters.

English, who will be formally named the prime minister at a caucus meeting on Monday, has already lined up senior cabinet minister Steven Joyce, the minister for economic development, to replace him in the finance ministry.

English was the clear favorite to replace Key in a Fairfax-Nielsen poll, with 37 percent of New Zealanders surveyed backing him.
Australian Associated Press reports that Bill English has secured the support of a majority of members of the New Zealand National Party to succeed John Key as the Prime Minister of New Zealand.