Pease was part of the Pease banking partnership at Darlington in 1845, also having interests in woollen mills, collieries and the iron trade. He became director or chairman of the Stockton and Darlington Railway, and was chairman of the North Eastern Railway from 1895 and 1902. Pease was a Liberal MP for South Durham for 20 years later becoming MP for Barnard Castle. Pease died in 1903 on his 75th birthday.