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. "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. 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, 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. 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. 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. Both said they would now back English. "I'm going to be supporting him 100 percent," Coleman said. "It is very important that the party comes together, gets on with the job of winning the next election," Coleman told reporters. 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.
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.