Place the carrots in a large saucepan; add 1 in.of water.
Bring to a boil.
Reduce the heat; cover and simmer for 10 minutes.
Add the peas; return to a boil.
Reduce the heat; cover and simmer 5-10 minutes longer or until vegetables are tender.
Drain, reserving 1/2 cup cooking liquid.
Return vegetables and reserved liquid to the pan.
In a small bowl, combine the cornstarch, salt, pepper and cream until smooth.
Stir into vegetables.
Bring to a boil; cook and stir for 1-2 minutes or until thickened.