Trim Brussels sprouts; cut X in base of each. Cut carrots into 1-inch (2.5 cm) pieces. In large saucepan of simmering salted water, cook Brussels sprouts and carrots for 3 minutes or until desired tenderness. Drain well and set aside.

In large ovenproof skillet, cook bacon over medium heat until crisp. Remove to paper towel-lined plate. Drain all but 1 tbsp (15 mL) fat from skillet. To skillet, add onion and red pepper flakes; cook over medium-low heat, stirring frequently, until softened but not browned, about 5 minutes. Stir in honey, mustard, salt and pepper. Add Brussels sprouts and carrots; toss to coat well. Chop bacon; sprinkle bacon and cheese over top. Bake in 400°F (200°C) oven for 3 minutes or until cheese is melted.