The chancellor also asked deputy governor Jon Cunliffe to extend his tenure by another 4-years, which Cunliffe accepted, saying, "I look forward to continuing to work with Mark and all Bank colleagues to deliver our important mission over the coming years".More news: Hurricane Florence could 'kill a lot of people'
Labour MP Virendra Sharma, a champion of the anti-Brexit campaign group Better for Britain, said Carney's willingness to stay through the turbulence "shows the problems that the government are having on Brexit".
Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.
The governor and Prime Minister have clashed in the past with May commenting in 2016 on how there would be "bad side effects" for Carney's monetary policy and Carney taking a negative view on the future of Brexit. "Whoever would take over, had they taken over in June next year, or now its going to be January 2020, would be looking at a very gradual policy normalization, subject to the negotiations in terms of our relationship with the European Union".More news: "Monster" Hurricane Florence aims to drench Carolinas
"Accordingly, I am willing to do whatever I can in order to promote both a successful Brexit and an effective transition at the Bank of England".
"It is an important time and we have an important supportive role to make sure whatever Brexit the government negotiates, it is a success, and providing a measure of continuity should help that".
"It is a privilege to serve as governor at the Bank and I look forward to continuing to work with my exceptional colleagues at the bank as we promote the good of the people of the United Kingdom by maintaining monetary and financial stability".More news: George Weah comes back from retirement to play for Liberia in friendly
The Canadian replaced Mervyn King in 2013, becoming the first non-Briton to be appointed governor in the Bank's 300-year history. He extended it by a further year in the aftermath of the Brexit vote.