Accompany this brioche like cake with fresh fruit and preserves.
Sprinkle yeast over water in small bowl and let stand until dissolved; stir to blend. Let stand until foamy.
Butter and flour 9-inch round cake pan. Combine flour, peel, salt, cinnamon and nutmeg in heavy-duty mixer bowl. Add yeast mixture, whipping cream and eggs and beat until smooth and elastic; dough will be sticky. Transfer to prepared pan. Cover and let rise in warm draft-free area until doubled in volume, about 1 1/2 hours.
Preheat oven to 400 F. Bake cake until pale golden, 15 to 20 minutes. Transfer to rack. Blend milk and powdered sugar. Brush over warm cake.
Using long serrated knife, split cake into two layers. Spread bottom layer with Devon cream. Top with remaining layer. Serve cake immediately.
* Available at specialty foods stores. If unavailable, use 1/2 cup softened butter.