issues such as child poverty. Fifth Government (2008–2017) On 8 November 2008 the National Party won 58 seats in the general election. The Labour Party, which had spent three terms in power, conceded the election and Prime Minister Helen Clark stepped down. National formed a minority government under John Key with confidence-and-supply support from the ACT Party (5 seats), the Māori Party (5 seats) and United Future (1 seat). On 19 November the Governor-General swore in the new National-led government. In Key's first Cabinet he gave the ACT Party's Rodney Hide and Heather Roy ministerial portfolios outside Cabinet, and the Māori Party's Tāriana Turia and Pita Sharples the same. United Future leader Peter Dunne retained his ministerial post outside Cabinet which he had held within the immediately preceding Labour Government. National came to power in the continuing wake of a financial crisis. In response to New Zealand's rising debt, Finance Minister Bill English made budget deficit-reduction his main priority for the first term. The government also cut taxes on all income; the top personal tax rate was lowered from 39% to 38% and then 33% in 2010. At the 26 November 2011 general election, National gained 47.31% of the party vote, the highest percentage gained by any political party since MMP was introduced, helped by a lower voter turnout and the misfortunes of its traditional support parties. A reduced wasted vote enabled the party to gain 59 seats in Parliament, one more than in 2008. National re-entered confidence-and-supply agreements with ACT (one seat) and United Future (one seat) on 5 December 2011, enabling it to form a minority government with the support of 61 seats in the new 121-seat Parliament. National also re-entered a confidence-and-supply agreement with the Māori Party on 11 December 2011 for extra insurance, despite the parties differing on National's contentious plans to partially sell (or "extend the mixed ownership model to") four state-owned enterprises. This nearly led to a cancellation of the agreement in February 2012 over Treaty of Waitangi obligations for the mixed ownership companies, and again in July 2012 over water rights. The government introduced the "mixed ownership model" plan, in which the Government planned to reduce its share in Genesis Energy, Meridian Energy, Mighty River Power and Solid Energy from 100% to 51% and Air New Zealand from 74% to 51%, and sell off the remainder. The plans to sell down Solid Energy