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Labour has pledged to "radically transform" the UK's economy if the party is elected to office in the general election next week. Mr McDonnell wants to put forward a programme of huge changes to taxation – mainly focussed on taxing the richest in society. But the party's spending plans will likely involve everyone in society having to pay more as evidenced by an IFS analysis of their manifesto: “It is unlikely that one could raise the sums suggested by Labour from the tax policies they set out.”

Grilled on his party's economic plans for the country, the BBC's Andrew Marr asked Mr McDonnell on Sunday: "Can I ask you a very serious question? "And I mean this completely seriously. If you become Chancellor of the Exchequer later next week, do you want to overthrow capitalism and establish a socialist economy or not? "It is a serious question." Mr McDonnell then appeared to smirk before giving his reply. READ MORE: IFS slams Corbyn’s £7k pledge: ‘Any family benefiting is REMOTE'

John McDonnell latest news: Labour Shadow Chancellor smirks at overthrowing capitalism

John McDonnell appeared on BBC's Andrew Marr show on Sunday morning

He said: "It is a serious question. I want to transform our economy. I want to make sure our economy works for everybody." Mr Marr pressed the Labour chief: "Does that mean overthrowing capitalism?" Mr McDonnell said: "No. It means transforming capitalism." Continuing to press the point, Mr Marr quipped: "So you no longer want to overthrow capitalism? You've gone soft?"

John McDonnell smiles as he asked on Labour economy plans

Labour target seats mapped

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