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Simon Power, the MP for Rangitikei and the fourth-ranked Minister in John Key's National-led Government, is to retire from politics at the election in November.

Mr Power said he was looking forward to continuing to contribute to New Zealand's growth, but in the private sector.

"It's time for new challenges and new opportunities.

“I've been extremely privileged to serve in the Cabinet under Prime Minister John Key, and as the Member for Rangitikei since 1999.

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