In a medium saucepot, cook bacon over medium heat until crispy. Remove bacon, leaving fat. Add onion, celery and carrot and sauté until onions are translucent, about 5 minutes. Add red or green bell pepper and sauté 3 minutes more. Remove vegetables from pot and set aside. Melt butter and add flour to pot. Stir constantly until a nutty aroma is noticeable, about 5 minutes. With a whisk, stir in chicken stock a little at a time. Whisk in milk in a slow stream. Return vegetables to pot, add corn, thyme and potatoes and bring up to a simmer. Cover and simmer soup until potatoes are tender, about 20 minutes. Add bacon, salt and pepper to taste. Garnish with Cheddar cheese.
Preheat oven to 375° F. Line a baking tray with parchment paper. Combine flour, sugar, baking powder and salt. Cut in butter by hand or in a mixer fitted with the paddle attachment until texture is rough and crumbly. Add milk and combine just until dough comes together (a few dry crumbs are okay). Stir in grated cheese and basil. Turn dough onto a work surface and shape into a disc, flattening and folding as you combine. Divide dough into 2 discs, and press or roll to 3/4 inch thick. Cut each into wedges and place on prepared baking tray. Brush with milk and bake for 18 to 20 minutes, until a light golden brown. Serve warm or at room temperature with chowder.