John McDonnell, the shadow chancellor,would grab 20 per cent of the assets of the richest 10 per cent of Britons if Labour got into power, it emerged today.

In video footage uncovered by the Telegraph, Jeremy Corbyn’s closest ally claimed the move would "wipe out" the deficit and make "those who created the crisis pay for the crisis".

Tory MPs said his comments revealed that senior Corbyn allies were plotting the most "radical Left-wing" government "ever experienced in the UK".