Sir John Phillip Key (born 9 August 1961) is a New Zealand retired politician who served as the 38th prime minister of New Zealand from 2008 to 2016 and as leader of the New Zealand National Party from 2006 to 2016. After resigning from both posts in December 2016 and leaving politics, Key was appointed to the board of directors and role of chairman in several New Zealand corporations. After his father died when he was eight, Key was raised by his single Austrian-Jewish mother in the low-income Christchurch suburb of Bryndwr. He attended the University of Canterbury and graduated in 1981 with a Bachelor of Commerce. He began a career in the foreign exchange market in New Zealand before moving overseas to work for Merrill Lynch, in which he became head of global foreign exchange in 1995, a position he would hold for six years. In 1999 he was appointed a member of the Foreign Exchange Committee of the Federal Reserve Bank of New York until leaving in 2001. Key entered the New Zealand Parliament representing the Auckland electorate of Helensville as one of the few new National members of parliament in the election of 2002 following National's significant defeat of that year. In 2004, he was appointed Finance Spokesman for National and eventually succeeded Don Brash as the National Party leader in 2006. After two years as leader of the Opposition, Key led his party to victory at the November 2008 general election. He was subsequently sworn in as prime minister on 19 November 2008. The National government went on to win two more general elections under his leadership: in November 2011 and September 2014. Key was expected to contest for a fourth term of office at the 2017 general election, but on 5 December 2016 he resigned as prime minister and leader of the National Party. He was succeeded by Bill English on 12 December 2016. As prime minister, Key led the Fifth National Government of New Zealand which entered government at the beginning of the late-2000s recession in 2008. He was described as having socially liberal but fiscally conservative views and policies. In his first term, Key's government implemented a GST rise and personal tax cuts, while enacting several austerity measures. His government refused to renew license agreements for multiple television channels, including TVNZ 6, TVNZ 7, Kidzone and Heartland, while reducing funding for Radio New