Preheat the oven to 150°C.
Season lamb shanks with salt and pepper and brown them in a heavy saucepan with oil over high heat.
Boil wine and vinegar in a casserole dish for five minutes before adding lamb, garlic, bay leaves, paprika, peppercorns, half the rosemary, and stock.
Cover the dish, bring to a boil, then transfer to the oven to cook for two hours.
Add chorizo, onion, carrots, honey, and remaining rosemary to the dish and cook for another hour.
Remove meat and vegetables with a slotted spoon and keep them warm.
Boil the remaining liquid on high heat for 8–10 minutes until thickened and season to taste.
Serve the lamb and vegetables with mashed potatoes and the reduced sauce.