Grease a 1kg/2.2lb loaf tin with butter.
Heat the saffron strands and milk in a pan over a medium heat until the milk mixture has turned yellow and is almost simmering.
In a bowl, mix together the flour, yeast, salt and nutmeg until well combined.
Add the butter and sugar and rub in using your fingertips until the mixture resembles breadcrumbs.
Stir in the currants and candied peel until well combined.
Pour over the saffron-infused milk and stir until the mixture comes together as a soft dough.
Turn out the dough onto a lightly floured work surface and knead lightly until smooth.
Transfer the dough to the prepared loaf tin. Cover with a damp tea towel and set aside in a warm place for 30-45 minutes, or until risen.
Preheat the oven to 180C/350F/Gas 4.
Transfer the saffron cake to the oven and bake for 45 minutes to one hour, or until the cake is pale golden-brown and has risen.
Set the cake aside to cool slightly, then turn out of the loaf tin onto a plate and cut into slices. Serve with clotted cream.