In a heat-safe mug or jar, heat up whole milk in a microwave for about 40 seconds (depending on how powerful your microwave is) until it's really warm and place 2 bags of Earl Grey tea into the milk to steep.
Add 1 tablespoon of dry milk powder to the tea and stir until there are no lumps and has completely dissolved. Set aside for 10 minutes, then remove the tea bags.
Heat heavy cream and sugar in a small saucepan. Bring to a simmer over medium heat and while whisking, gradually pour the steeped Earl Grey tea milk over a sieve into the saucepan. If there are any lumps remaining in the sieve, add some of the milk from the saucepan over top of the sieve and push through with the back of a spoon.
Whisk periodically until mixture has thickened and reduced by half, about 20 minutes over low-medium heat. It should be smooth and creamy. A way to tell if it’s ready is when you scrape the mixture in the pot with a spoon or whisk, there should be a line that is visible, meaning it has thickened enough. If you scrape the pot and can’t see a line, continue whisking over heat.
Once it has thickened enough, remove from heat. Let cool.
Pour into a clean glass jar and refrigerate. The spread will thicken a little more once it has cooled.
Spread on toast, waffles, and pancakes for a delicious hit of tea flavour.