Combine first 3 ingredients in a large bowl; cut in butter with a pastry blender until mixture is crumbly. Stir in raisins. Combine 2/3 cup milk and egg, stirring with a wire whisk. Gradually add milk mixture to flour mixture, stirring with a fork just until dry ingredients are moistened. Turn dough out onto a lightly floured surface, and knead 4 times.
Roll or pat dough to 1" thickness; cut with a 2" biscuit cutter. Place dough cutouts on a lightly greased baking sheet. Brush with 1 tablespoon milk, and sprinkle with 2 teaspoons sugar.
Bake at 350° for 15 minutes or until barely golden. Let cool slightly on a wire rack. Serve warm with Raspberry Preserves and whipped cream.