Premier Michael Misick yesterday said he would step down as leader of The Turks and Caicos at the end of March. He cited a lack of support for his scandal-plagued government.

The surprise announcement came hours after the Caribbean nation's deputy premier and finance minister resigned, citing differences with the colourful Misick, whose jet-set lifestyle has helped turned The Turks and Caicos into a celebrity hot spot, but has fuelled corruption allegations.

"What the country and our party need now more than ever is stability and certainty," Misick said during a press conference at his office.

"I have tried in recent weeks to create this. It now appears to me that the divide within the party is too deep."

Misick said he would step down as party leader on February 28 and resign as premier on March 31.

Floyd Hall, the outgoing deputy premier, said Misick's decision to halt a legislative session in December as lawmakers moved to enter a no-confidence vote against him effectively brought the government to a standstill.

Misick's financial dealings are the focus of a British investigative commission that concluded hearings this week as it probes a range of corruption allegations, including that Misick and other officials profited from the sale of government-owned land.

Misick was elected in 2003 and is serving his second term. He is also the island's tourism minister. Since he took office, the gross domestic product in the territory of 22,000 people, has more than doubled to $750 million, largely through a resort-building boom.