UPDATED 6PM: The Prime Minister's rebutted allegations the Brexit result was a kick-back from living standards not improving for the middle class.

He's addressed media at Auckland's SkyCity following the UK voting to leave the EU, meaning New Zealand will have to renegotiate its trade deals with the country.

Labour MP David Shearer's warned the Prime Minister should pay attention to what's occurred in the UK, and how the same attitudes might be reflected here.

But Key said the arguments put forward suited the agendas of certain politicians there had been a lot of good things going on in New Zealand to reflect on.

He said average wages had increased by $11,000 in the time National's been in Government and unemployment rates had generally tracked in the right direction.

He said, if anything, it might make New Zealanders reflect on the stability of the economy and, for the most part, the success that the New Zealand economy had been enjoying.

The Brexit did rattle global markets today but Key said there would be very little impact in the New Zealand economy as it was simply a fast reaction to the unexpected results.

He said New Zealand's been dealing with turmoil in the European markets for some time, and over time all markets would settle down.

But he's not convinced on the argument New Zealand could now further improve relationships with Britain as deals were renegotiated within the next two years.

He said there would be no change to the status of access for our goods and people into Britain until new terms could be negotiated - and even then Kiwis already had fairly good access to the country and he couldn't see why a new British Prime Minister would change access for New Zealand goods or people into Britain.

As far as immigration went, he wasn't expecting it to boil over in New Zealand like some believe it did in the UK because this country had tighter restrictions.

He said the good news was that New Zealand was in a vastly different position to that of the UK, and he rebutted criticism the New Zealand economy was mainly boosted by immigration, stating that the economy was boosted by much more than immigration alone.

He said when people do migrate to New Zealand they're on temporary access to our country and don't have residency until New Zealand decided they were beneficial to the economy.

On that note he said he expected Britons would continue to visit New Zealand as much as they ever had before.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prime Minister John Key says he's expecting very little impact on the New Zealand economy despite the Brexit rattling global markets today.

He said the markets had reacted in such a manner because the result was unexpected.

“I don’t think the implications for our economy will be that significant,” he said. 

Once the process goes through he said New Zealand would have to renegotiate both its trade and migration access, but he said he’d had assurance from both European Union and United Kingdom officials that the status of access for New Zealand goods and people would not change until new conditions could be negotiated.

“The most immediate impact on New Zealand is likely to be the turmoil in the international markets and the uncertainty in terms of the likely outcome for Europe and the UK’s economy.”

He's addressed media at Auckland's SkyCity following the United Kingdom voting to leave the European Union.

He added over time things would return to normal levels and the New Zealand economy was quite diverse so he expected to see a very small impact here.

He said he was yet to contact David Cameron since his resignation as British Prime Minister.

“I have had an ongoing dialogue with David because of our friendship over the course of this whole process.

“I haven’t spoken to him in the last 24 hours, simply because I’ve respected the perspective and the workload he’s got,” Key said.

“He’s had to reach out to European leaders, the president of the United States and others and I just thought I’d give him a day or two.”

He said he would be in contact with him.

“I have huge respect for David Cameron, I think he’s been a good Prime Minister of Britain, he’s worked hard and he’s delivered good results for the people of Britain.”