
Heat oil in a large heavy based pot or oven proof casserole. Sear the beef in small batches to seal in the juices. Remove the meat from the pot and leave to one side. In the same pan add the onions to soften slightly, add the paprika, red and green bell peppers, tomato puree, tin tomatoes or passata. Cook for about 5 minutes on medium heat. Now return the meat to the pot. Add the stock or water. This liquid should cover the meat and vegetables so add more stock or water if needed. Add the caraway seeds, bay leaves and carrots. Season with salt and pepper.
Bring this mixture to boil on the hob on medium heat. Cover pot with a lid. You can continue to cook this on the hob over low heat for at least 3.5 hours. You will need to check that the liquid has not evaporated too much, in which case you will need to add more stock or water.
Alternatively, the goulash can be cooked in an ovenproof casserole dish in a preheated oven 150 degrees (fan) for 3.5 hours. Cover with a lid. Can also be cooked in a slow cooker until meat is tender when a fork is inserted.
Serve with mash potatoes, boiled potatoes or rice, with an optional dessert spoon of sour cream if used.