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Heat the cream in a pan until boiling. Meanwhile, whisk the egg yolks and sugar together in a large bowl with an electric whisk until light and fluffy, about 3-5 mins. Pour the hot cream over the eggs, whisking continuously, and when everything is mixed, set aside.
Spread the bread with the butter, and cut into triangles. Arrange in a shallow baking dish, about 20 x 26 x 5cm, buttered-side up, in three layers, sprinkling the raisins and finely grating some nutmeg over the bottom two layers and leaving the top layer clear. Pour over the warm custard, lightly pressing the bread down with your fingers to help it soak in. Leave to stand for at least 20 mins before cooking. Can be prepared up to this stage several hours ahead, chilled and cooked when needed.
Heat the oven to 180C/160C fan/gas 4. Sit the dish in a large roasting tin and pour a kettleful of hot water into the roasting tin so it comes three-quarters of the way up the outside of the dish. Bake in the oven for 20-25 mins until the custard is just set.
Remove the pudding from its water bath and scatter the top liberally with more sugar. Caramelise the top under a hot grill or with a blowtorch – take it really far (a few burnt edges add to the flavour), but be careful it doesn’t catch. Leave the pudding to rest for 5 mins, then serve with your favourite ice cream – I like bitter orange marmalade ice cream.