After John Major became Prime Minister, Maude was made the Financial Secretary to the Treasury. However, in the 1992 general election he lost his seat to the Labour Party candidate, Mike O'Brien, and was thus forced to vacate his ministerial roles. According to Daniel Finkelstein of "The Times" the loss came as a 'terrible blow' to Maude; all his peers had managed to cling on and were together forming a government. In the Dissolution Honours that year, he was made a member of the Privy Council.