In February 2015, Maude announced he would be standing down at the general election three months later. Following the election, on 14 May 2015 Maude was elevated to the House of Lords and he was created, by letters patent, Baron Maude of Horsham, "of Shipley in the County of West Sussex" on 26 May 2015. This allowed him to be appointed as Minister of State for Trade and Investment jointly at the Department for Business, Innovation and Skills and the Foreign and Commonwealth Office, replacing Lord Livingston of Parkhead. Nine months later, Maude announced his resignation from this post on 10 February 2016, to be replaced by Mark Price.