Brew 2 cups of hot tea and allow to cool to lukewarm. Add tea to a a medium glass bowl. Add the raisins, stir and cover bowl with plastic wrap. Leave to soak on the counter overnight.
In a small bowl, combine the dry active yeast with 1/4 cup lukewarm water (about 110F) and set aside to proof while you proceed with the recipe.
In a large bowl or the bowl of a stand mixer using the paddle attachment, combine 3 1/2 cups of the flour, nutmeg, salt and sugar. With a pastry cutter or your fingers (or with the paddle attachment on your mixer), work in the butter in to the flour until it resembles coarse crumbs.
Meanwhile, in a saucepan over medium heat or in the microwave, heat the milk to 110°F. Beat the egg into the milk and then stir into the dry ingredients. Add the proofed yeast mixture, as well. Mix well with a wooden spoon or switch to the kneading hook on a stand mixer. Knead by hand or with the kneading hook until dough starts to come together (adding more flour in small increments, as necessary). Drain the raisins and add to the dough. (I find a sprinkling of flour on to the raisins help them to incorporate in to the dough more easily). Knead in the raisins, adding a bit more flour as necessary, until you have a smooth dough that is not sticky.
Remove dough to a large greased bowl. Cover with plastic wrap and allow to rise until doubled in size.
Grease an 10-inch (top diameter) cast-iron skillet or 9-inch round baking pan and pre-heat oven to 400° F.
Turn risen dough out on to a floured surface. Press lightly to de-gas, then form in to a round by pinching the dough underneath. Place dough round in to prepared pan. Cover with a clean tea towel and allow to rise until puffy, about 30 minutes more.
Bake in pre-heated oven for 20 minutes, then check the bread. If it is nicely browned, cover top loosely with a piece of tinfoil, then continue cooking for an additional 15 minutes or so, or until an internal temperature of about 195°F. about 35-40 Let cool completely before cutting into slices. Serve spread with butter or honey butter.
For honey butter: combine ingredients in a small bowl and stir vigorously until well combined.
Be sure to read the “Ingredient and Cook's Notes" (above the recipe card!), where I share more detailedtips, variations and substitution suggestions for this recipe!