Finance Minister Jim Flaherty is resigning.

Flaherty says he is leaving the federal cabinet and returning to the private sector.

In a statement released by his office … Flaherty said it was a decision he made with his family earlier this year.

Prime Minister Stephen Harper issued a statement of his own, saying he had accepted Flaherty’s decision with great reluctance.

Flaherty represents the Ontario riding of Whitby-Oshawa. He has been struggling with health challenges over the last year, but says he is on the road to a full recovery.

He says the decision to leave politics is unrelated to his health.

Flaherty is a former Ontario finance minister who has been in the federal Finance portfolio since 2006.