Preheat the oven to 180°C/Gas Mark 4. First make the stew. Cut the rind off the bacon ... together with the pearl barley. Season well, pour in the stock, add the thyme and bring to a simmer.
Preheat the oven to 200C/180C Fan/Gas 6 ... this will add flavour to the stew. Season with salt and pepper. Mix the beef with the vegetables, then take the pan off the heat.