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David Cameron has been caught on a hot microphone describing Brexit as a "mistake" but "not a disaster".

The former Prime Minister was unwittingly recorded speaking to a delegate at the World Economic Forum in Davos, Switzerland.

Speaking ahead of his successor Theresa May's arrival this week, Mr Cameron said: "Yes I know, it's frustrating.

"As I keep saying it's a mistake not a disaster."

Although the recording was indistinct, he appeared to add: "It's turned out less badly than we first thought, but it's still going to be difficult."

The confession comes after Brexiteers slammed Mr Cameron and ex-Chancellor George Osborne for taking a 'Project Fear' approach to the EU referendum .

(Image: PA)

The pair claimed Brexit would cost Britain's economy the equivalent of £4,300 for every family.

And Mr Cameron described a Leave vote as the "gamble of the century".

Theresa May is jetting into the luxury Swiss ski resort to address the world’s elite – and she's joined by an unlikely figure in Labour’s John McDonnell.

The Prime Minister is due to fly from RAF Northolt, west London, on board a BAe 146 plane from the Queen’s Flight for the trip to the global gathering.

Labour leader Jeremy Corbyn snubbed an invitation to the annual World Economic Forum - but his top ally will carry Labour’s message instead.

Shadow Chancellor Mr McDonnell said: “I am going to Davos with a warning for the global elite.

“Many of those attending the World Economic Forum have been patting themselves on the back as international growth figures have begun to pick up.

(Image: AFP) (Image: REX/Shutterstock)

“But they should be worried. In the real world, outside the Davos bubble of Alpine restaurants and chalets, the global economic system they have built isn’t working for billions of people.

“And just as Davos faces the risk of an avalanche this week, growth for a few risks a political and social avalanche unless there is fundamental change to our rigged economic system.”

Mr McDonnell went on: “My warning is this - if the current system isn’t radically changed and its rules rewritten, people are not going to put up with it.

“Real change to the system is Labour’s mission, one we share with parties and movements all over the world.

“The real wealth creators - that means all of us, not just those with offshore bank accounts - must share in the prosperity we all create.

“To achieve that, we must launch a global drive against tax dodging and financial secrecy, for democratic control over our economy and to protect our planet.

“The Davos few have hoarded power and wealth and failed the many.

(Image: REX/Shutterstock) (Image: REX/Shutterstock)

“If they stand in the way of the change that’s needed, they risk raising the price they pay. Change is coming either way.”

Explaining Mr Corbyn’s decision not to go, his spokesman said: “He chooses to go to events where he thinks he can make an effective contribution and it’s appropriate for him to go.

“The Davos event has become representative of a system and a set of global elites which have clearly failed, and it’s clearly a broken system that isn’t delivering for people.”

Asked if it was right for Mr McDonnell to attend a “capitalist jamboree”, the spokesman added: “It’s necessary that the reality which is that the global elites who have mismanaged an economic order that has failed over the latts generation are called out on that, and that’s exactly what John McDonnell will be doing.”