Cut the bacon slices in half and cook the bacon until crispy.
Remove from the pan and remove excess grease with paper towels.
Cook the onions and celery for about 3-4 minutes until the onions are translucent.
Add 1 cup chicken stock, 1/2 the corn and bring to a boil.
Reduce heat to medium.
Scrape the bottom of the pan to mix in all the bacon bits and goodness.
Add the remaining stock, potatoes, thyme and bay leaves.
Cook for about 15 minutes until the potatoes are tender.
Add the remaining corn, red peppers, cayenne pepper and warm milk.
Reduce the heat again to a low simmer.
Cook for at least 10 minutes until the corn is tender.
Mix the corn starch and cold water, then add to soup to thicken.
Pot may simmer for another hour to allow flavours to blend (or under you are ready to eat.)