Preheat the oven to 425 degrees F (220 degrees C). Grease a baking sheet.

Stir flour and salt together in a large bowl. Rub in butter until mixture resembles coarse crumbs. Make a well in the center; pour in milk and water, then stir until dough comes together.

Turn dough out onto a lightly floured surface and form into an 8-inch-diameter round loaf. Place loaf onto the prepared pan; cut a cross in the top using a sharp knife.

Bake in the preheated oven for 25 minutes; lower the temperature to 350 degrees F (175 degrees C) and continue to bake for an additional 5 to 10 minutes. The loaf should be golden brown and the bottom should sound hollow when tapped.