Andrea Leadsom is taking over the farming and environment brief from Liz Truss, who was a popular figure with the National Farmers Union.

Mrs Leadsom also faces a big task helping UK farmers who have raised concerns about: how to compete with heavily subsidised EU farms; and how to replace EU workers if immigration is tightened as part of Brexit.

Image source, AP

Andrea Leadsom has been appointed Secretary of State for the Department for Environment, Food and Rural Affairs (Defra).

She replaces Liz Truss, who will become Justice Secretary.

Mrs Leadsom's decision to quit as Conservative leadership candidate on Monday precipitated Theresa May's coronation as PM.  

Simon Jack
BBC Business Editor

Image source, Next

One of the business world's most prominent campaigners for Brexit has told the BBC that a big reduction in immigration will damage the UK economy. 

Lord Wolfson, chief executive of Next, said: "Any move to reduce immigration to the tens of thousands would be very dangerous for the economy." 

It sounds, at first, like a curious thing for a Leave voter to say. 

But Lord Wolfson insists that immigration was NOT the key issue for many who wanted out of the EU.

Read Simon's full article here.

Image source, Franco Manca and Alessandra Spairani

Good news for pizza fans. Franco Manca, the sourdough pizza specialist, has plans to roll out nationwide.

The pizza chain, which started in Brixton Market, opened restaurants in Guildford and Brighton in recent months, and is lining up sites in Southampton and Reading.

Owners Fulham Shore, which also own The Real Greek, said they plan to expand the pizza chain further outside London "as and when we identify suitable locations".

Revenues for the group, which includes 24 Franco Manca restaurants, shot up to £29.2m in the year to March from £8.3m the previous year. 

Image source, Burberry

Burberry has put the brakes on plans for a new factory in Leeds, as it considers the impact of the UK’s decision to exit the EU, reports the Guardian.  , external

The luxury brand’s chairman, John Pearce, told the annual shareholder meeting that the factory would still go ahead but the speed of investment might be slowed depending how “events unfold in the next few weeks”

The World at One
BBC Radio 4

Image source, Getty Images

Former senior civil servant Sir Andrew Cahn says there are a few trade deals the UK could do "very rapidly" - possibly Canada as there's an "oven ready deal" there already struck with the EU. 

But he says it will take a decade to get deals around the world.  

Sir Andrew, former chief executive of UK Trade and Investment, says that for now the new International Trade Secretary Liam Fox cannot sign anything formally.

But he goes on to say: "There is no, absolutely no, political difficulty with Liam Fox travelling the world, talking to countries, finding out who's up for a trade deal.

"We can afford to irritate our community partners up to a point, they after all, are irritating us by telling us we can't do what we want to do."

Image source, AP

The competition watchdog has threatened to open an in-depth investigation into US healthcare giant Acadia's £1.5bn takeover of mental health specialist Priory Group. 

Unless Acadia addresses concerns identified across 20 areas in the UK, the deal will come under increased scrutiny, the Competition and Markets Authority (CMA) warned, external. 

Alongside Priory, Acadia also owns Partnerships In Care, and the CMA's concerns centre on the fact that the two firms "overlap in the supply of a number of inpatient and outpatient mental healthcare services". 

It is understood that Acadia could avoid an in-depth investigation if it sells several units where overlaps occur. The Priory is famous for treating celebrity clients such as Kate Moss (pictured), Pete Doherty and the late Amy Winehouse. 

Acadia did not respond to requests for comment. 

Telegraph chief political correspondent Christopher Hope tweets:

Andrew Sentance, senior economic adviser at PwC, thinks Carney and co should wait even longer to raise interest rates...  

How can the cost of Hinkley on our electricity bills remain at about £10 when the huge subsidy is soaring? It's because we will pay for the plant in two ways: the wholesale cost of electricity, and the cost of the subsidy.

When the wholesale cost rises, that subsidy will fall. If it falls, as the NAO report suggests, the subsidy will rise.

But the overall cost to consumers' bills will remain at around £10, says the government, as it is based on the £92.50 per megawatt hour "strike price" that the UK has agreed to pay EDF for power from Hinkley Point C.

The government says that the system protects consumers from fluctuating wholesale prices. But it is likely to face mounting criticism in future years if projections of lower wholesale energy prices prove to be true.

Image source, Getty Images

The government remains committed to building a new nuclear power station at Hinkley Point in Somerset, the new chancellor has said.

Philip Hammond's vow came despite the rising potential cost to the government of the electricity it will produce, according to the National Audit Office, external.

He said Hinkley was vital to a strong economy and still worth the cost.

The new power station was initially supposed to cost just £6bn, but has more recently been estimated at £18bn.

On top of that, the NAO estimated that future top-up payments from the government would rise from £6.1bn to £29.7bn over the length of the contract.  

Is the Department for Business, Innovation and Skills down the dumper? Telegraph business editor James Quinn tweets:

Image source, Bank of England

So who is Gertjan Vlieghe - the sole member of the Bank's committee to vote for an immediate rate cut?

Well he's the newest member of the Monetary Policy Committee, having joined last September. 

The 44-year-old — born in Belgium but a Londoner for 20 years — is back for his second stint at the Bank after leaving Threadneedle Street a decade ago. 

He was an economic assistant to former Governor Mervyn King before joining Deutsche Bank as a bond strategist.

And in an interview with the Evening Standard earlier this year he revealed he didn't ever plan on being an economist. Explaining his decision to study a business economics course in Brussels, he said: “I didn’t know how much I would like it but it turned out that I liked it a lot.” 

Resolution Group head of research (and former Newsnight economics correspondent) Duncan Weldon tweets:

Away from the market reaction to the Bank of England rates decision, the chief executive of Next has been talking exclusively to BBC business editor Simon Jack.

Lord Wolfson, a leading pro-Brexit voice, says that the Brexit result shouldn't mean drastic falls in immigration.