Pre-heat the oven to 190C, grease and line the loaf tin with baking paper.
Cream the butter, oil and sugar together until pale and then slowly combine the eggs, vanilla and milk.
Fold in the flour.
Spoon the batter into the prepared tin and level the surface. Bake for 55 minutes until golden brown (test the cake is baked through with a skewer or knife- if clean, it’s cooked).
Leave to cool for at least an hour before icing.
To make a caramel heat the sugar, butter and cream until all the sugar is dissolved and the mixture turns and amber colour and bubbles.
Using an electric whisk, combine the caramel with icing sugar. If it is too thin then add a little extra butter to thicken it- It is a butter cream icing.
Decorate as desired with frosting and caramel popcorn varieties. To get the lines across it, drag a fork horizontally across the cake