Jeremy Corbyn has been elected the new Labour leader in a landslide victory.

The left-wing MP defeated Andy Burnham, Yvette Cooper and Liz Kendall after having started the campaign as the biggest outsider. Tom Watson has also been elected as Mr Corbyn's deputy.

In his first email to Labour members, the new leader of the opposition described it as a "deep honour".

He said: "It is a deep honour to be elected as the Labour Party's new Leader. The honour is not about holding office — it is about the opportunity to serve you in the fight to get a better government for our country."

Shadow cabinet

The new Labour leader has already come in for huge criticism, just a few days into the job, as none of the top for cabinet position are held by women.

Mr Corbyn has named close ally and campaign manager John McDonnell as shadow chancellor - a move that is understood to have angered a number of Labour's top MPs. It underlines Jeremy Corbyn's plans to put forward Labour as an anti-austerity opposition. Despite standing against Corbyrn, Andy Burnham has been named shadow home secretary. And Hilary Benn remains shadow foreign secretary.

The most high ranking women is Angela Eagle who has been named new shadow business secretary and shadow first secretary of state. Ms Eagle is will stand in for Corbyn at Prime Minister's Questions when David Cameron is not present.

Business reaction

It's fair to say there has been mixed reaction from the UK's business community.

The most positive came from the Royal Institute of Chartered Surveyors (Rics). Jeremy Blackburn, the organisation's head of policy said: "He has raised some challenging but principled issues around the expansion of Right to Buy to private landlords; as well as providing a voice for the widely-felt dissatisfaction of privatisation in our rail sector. There is undoubtedly opportunity in his agenda around infrastructure and public spending to get Britain building, and we look forward to sitting round the table and discussing this further. "

However, there was a stark warning from the Institute of Directors (IoD). Simon Walker, director general at the IoD: "From renationalising the railways, to raising taxes on businesses and increasing government spending, Corbyn has proposed some policies in the leadership campaign that we believe would undermine our open and competitive economy."

The British Chambers of Commerce (BCC) director general, John Longworth, said: "We will be looking for the opposition to take a pragmatic and practical approach to business recognising that wealth creation is the necessary prerequisite for the delivery of any political objectives."

Rule breaker

Just two days into the job, Mr Corbyn has already shown that he's not going to be a Labour leader that plays by the rules.

He has already pulled out of, or shunned, appearances on the Andrew Marr show and BBC Radio 4's Today programme. In fact, the only interview he has accepted has been with BBC Radio 1's Newsbeat.