Labour helped to create an "unfair tax system" when it was in government, the Shadow Chancellor has said.

Speaking at a conference in central London, John McDonnell also said the party will be more "radical" if it wins the next election.

Mr McDonnell added that too many institutions at the heart of the British economy were "not fit for purpose".

I want to surpass even the Attlee government for radical reform. John McDonnell MP, Shadow Chancellor

He said the party will revive plans for rent controls and urge councils to offer cheap, local authority-backed mortgages.

The shadow chancellor also revealed plans for a mayors' economic forum to allow the elected local leaders to share ideas along with a new economic and innovation forum to bring together businesses, unions and government.