Toss the beef in the flour with a good pinch of pepper. Brown it in the oil in a large pan over a high heat, in two batches so it fries rather than stews, then set it aside.
Turn the heat down, soften the onions in the same pan for 5 minutes, then add the carrots and swede for another 5 minutes until the edges take colour.
Return the beef to the pan with the stock cube, the bay leaf and around 750 ml of hot water. Cover and simmer gently for 1 hour 15 minutes, until the beef is starting to give way.
Add all the potatoes and simmer uncovered for another 30 to 40 minutes, until the small dice collapses into the gravy and thickens it and the chunks are just holding together. Add a splash of water if it looks too dry at any point.
Fish out the bay leaf, season hard and serve in deep bowls with a spoonful of pickled red cabbage on the side, which is how it is eaten in Liverpool.