Preheat the oven to 370℉/170℃ Fan. Line a 2lb loaf tin with parchment/baking paper.
In a large bowl/bowl of a stand mixer, add all the cake ingredients and combine until smooth. If very stiff, add a little more milk.
Bake 40-45 minutes, keeping an eye on it for if the top starts to look too dark. If the top gets dark while the middle is still not cooked, cover with aluminium foil until a skewer inserted comes out clean.
Once baked, remove and let cool.
Once cool, mix together the glaze and pour it over the cake while it is still in the pan. Scatter over rainbow sprinkles and let set (either at room temperature or in the fridge) before slicing and serving!