John McDonnell has admitted he wants to “overthrow capitalism” and replace it with a "socialist society" from his position on Labour’s front bench.

The Shadow Chancellor also insisted that Venezuela's economic problems were because it was no longer a socialist country.

Mr McDonnell lists in his Who’s Who entry that one of his hobbies as "generally fermenting the overthrow of capitalism".

Asked on the BBC’s Sunday Politics if it were “now your job, the overthrow of capitalism”, he replied: “Yes, it is. It’s transforming our economy.”

When challenged that there is “a difference between transforming the economy and overthrowing capitalism”, Mr McDonnell replied: “I don’t think it is.

“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.