 Having failed to win re-election to the European Parliament, Truscott was created a life peer on 10 June 2004 as Baron Truscott, of St. James's in the City of Westminster.From 2006 to 2007 he was Parliamentary Under-Secretary of State for Energy at the Department of Trade and Industry (DTI) and the DTI government spokesperson in the House of Lords.Truscott is currently Parliamentary British Council Ambassador to the Russian Federation and republics of the former Soviet Union.