John McDonnell today restated his determination to 'overthrow capitalism' and create a socialist society.

The shadow chancellor told how he wants workers to be able to take control of companies as part of a planned economy.

He called for the transformation of society and insisted that his Marxist ideas would prevent a repeat of the 2007 / 2008 financial crash.

Mr McDonnell has always described himself as a socialist but his comments this morning are some of the toughest he has made publicly.

Speaking to the Sunday Politics Show, presenter Sarah Smith asked the MP if he stood by his previous claim in his 'Who's Who' that he wanted to overthrow capitalism.

The shadow chancellor told how he wants workers to be able to take control of companies as part of a planned economy

Labour MP for Ilford South and leading moderate Mike Gapes slammed the shadow chancellor for his comments

Mr McDonnell said 'yes' adding that his job is 'transforming our economy'.

Union baron Len McCluskey slams Labour MPs for 'feral' attacks on Corbyn The Unite boss, and one of Mr Corbyn's closest allies, has called for critics of the Labour leader to be deselected. Union baron Len McCluskey today slammed Labour MPs for making 'feral and hysterical' attacks on Jeremy Corbyn. The Unite boss, and one of Mr Corbyn's closest allies, has called for critics of the Labour leader to be deselected. And he renewed his war with party moderates today by telling them to be 'more constructive'. He told ITV's Peston on Sunday: 'Day in day out, the first thing they thought about was how do we criticise and attack.' He added: 'Accountability has always been there within the Labour Party, there's always been trigger balance for MPs. 'My view is that these particular MPs - there's nothing wrong with criticising the leadership if you have a particular view - but it should be less feral, less hysterical and more constructive. 'And that way we will have a better chance of having a united party in order to gain power, and that's what we want: we want a Labour government to give us a better Britain.' Advertisement

He added: 'Because I think at the end of the day I want a socialist society. And that means transforming in a way which radically challenges the system as it now is.

'And I think that's what we're doing. And what's interesting, we're taking people with us, because people see that there has to be that transformation.

'We cannot allow another crisis to occur that occurred in 2007 where we all have to pay for that.'

Mr McDonnell and Jeremy Corbyn have both been big supporters of Valenzuela and its late leader Hugo Chavez's left-wing revolution.

But under Mr Chavez' anointed successor Nicolás Maduro the country's economy has collapsed,inflation has spiralled and vast swathes of the population are unemployed.

While the regime has rounded up and imprisoned many of its political opponents amid widespread rioting.

But Mr McDonnell insisted the country was not an example of a 'failed Socialist economic model' because 'I don't think it was a Socialist country.'

Mr McDonnell has been on a 'cup of tea offensive' sitting down with business leaders to try to win them over to Labour's policies.

He has spoken at City conferences as part of a charm offensive to try to convince the country that Labour are ready to step into No10 and No11.

But he struck an altogether more assertive tone in today's interview - calling for workers to own companies.

Pondering these questions, he said: 'How (do) we give workers the right to own when a company is sold on?

'Let them have the first bid. How do we ensure there's profit sharing in companies? That happens across Europe, doesn't seem to happen here at any scale.'

Labour MP and leading moderate Mike Gapes slammed the comments.

Commenting on Mr McDonnell's remark on Venezuela, he said: That’s like saying Lenin was ok. It was all Stalin’s fault. It’s ahistorical and inaccurate self serving nonsense.'