Very small number welcoming current peer (8)
I believe the answer is:
viscount
'peer' is the definition.
(I know that viscount is a type of peer)
'very small number welcoming current' is the wordplay.
'very' becomes 'v' (abbreviation).
'small' becomes 's' (abbreviation - e.g. clothes size).
'number' becomes 'count' (synonyms).
'welcoming' means one lot of letters goes inside another (in sense of 'inviting in').
'current' becomes 'I' (physics symbol).
'v'+'s'+'count'='vscount'
'vscount' going around 'i' is 'VISCOUNT'.
(Other definitions for viscount that I've seen before include "Minor peer" , "British peer" , "plane" , "Nobleman" , "British noble" .)