In a nonstick- oven proof frying pan (9 or 10 inch) heat honey and juice over med heat until boiling. (this is the pan you will bake in so it must not have a plastic handle!).
Cook without stiring until mixture is foamy, slightly thickened and reaches 230 degrees- about 2-4 minutes.
Chill until thickened (in pan), about 15 minutes. Arrange orange slices in pan on top.
In a large bowl, beat butter and sugar until smooth. Add eggs one at a time, beating well after each addition. Beat in orange peel.
In another bowl, mix flour, baking powder and salt. Stir half the flour mixture into the batter. Stir in milk, then remaining flour mixture. Stir just until mixed. Carefully pour the batter over the orange slices in the frying pan and level.
Bake at 350 until toothpick comes out clean- 35 to 40 minutes. Let cool 5 minutes.
Place a flat plate, good side towards cake, over the frying pan. Flip frying pan to release the cake being careful of any hot syrup. Let cool then slice.