But Mr McDonnell, the shadow chancellor, was asked on BBC Radio 4’s Today programme if he would concede that Labour had lost and he replied: “Yes and I am bitterly disappointed that we did so we have to accept that but we also have to accept that the government didn't win it either.

Mr McDonnell said the Tories are the “largest party and they have the opportunity and the right to bring forward a legislative programme”.

He said Labour would be “putting out alternatives as well and seeing whether or not we can command a majority in the House”.

However, despite admitting that the Tories have the right to try and form a government he called on them to step aside and allow Labour the opportunity to form a minority administration.