 He was appointed a Privy Counsellor in 1801 and ennobled as Baron Wallace, of Knaresdale in the County of Northumberland, on 2 February 1828.He was a member of the Board of Control from 1807-1816 (responsible for overseeing the British East India Company), and Vice-President of the Board of Trade from 1818 to 1823.From 1823 to 1827 he was Master of the Mint.