In a small bowl, dissolve the sugar in the warm milk. Sprinkle the yeast over the milk and let it sit for about 10 minutes until frothy.
In a large bowl, sift together the flour and salt.
Mix the frothy yeast mixture into the flour. Gradually add the warm water until the batter is smooth and lump-free.
Cover the bowl with a clean cloth and let the batter rest in a warm place for about 1 hour, or until bubbles form on the surface.
Stir in the baking soda into the batter.
Heat a non-stick skillet over medium-low heat and brush with vegetable oil.
Place metal crumpet rings in the skillet and pour enough batter to fill each ring about halfway.
Cook for 4-5 minutes until bubbles form on the top and the edges look set. Carefully remove the rings, flip the crumpets, and cook for another 2-3 minutes until golden.
Serve warm with butter, and if desired, honey or jam.
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