Prepare the yeast batter; mix 1 cup flour, 1 teaspoon sugar, the compressed or dry yeast and warm milk together in a large bowl.
Cover and set aside until frothy, about 20 minutes in a warm place, longer in a cool one.
Mix the remaining flour with the salt and rub in the fat until the mixture resembles breadcrumbs.
Add the flour mixture and remaining sugar to the yeast batter and mix well to give a soft dough, adding extra flour if the dough is too sticky to handle or more milk if too dry.
Turn the dough onto a lightly floured surface and knead until smooth and elastic.
It will take about 10 minutes by hand or 2-3 minutes with a food mixer and dough hook.
Shape the dough into a ball and place in an oiled plastic bag.
Leave to rise until doubled in size.
Put the risen dough into a large bowl, add the raisins and peel and work into the dough by squeezing and kneading until evenly mixed.
Turn out onto a lightly floured surface and shape into a round, 7 inches in diameter.
Place on a greased baking sheet allowing room at the sides for spreading.
Cover and let rise for about 1 hour in a warm place.
Brush with egg wash or sugar glaze.
Bake in the center of a moderate oven (350°F) for about 50 minutes.
Serve hot or cold, cut in slices and buttered.