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Labour shadow Chancellor John McDonnell says his job is to overthrow capitalism and replace it with a 'socialist society'

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.

Profile | John McDonnell
Profile | John McDonnell

“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.”

Mr McDonnell has held up the example of Venezuela under the leadership of the late president Hugo Chavez as showing how socialist policies can succeed.

Challenged by presenter Sarah Smith over whether the hyperinflation and shortages of medicine and food in Venezuela were “an example of a failed Socialist economic model”, Mr McDonnell replied: “It went wrong.

"No, I don’t think it was a Socialist country. I think what happened was [Hugo] Chavez was developing policies which I think would first of all tackle the tragedy of the poverty that was in that country, raising literacy rates and then investing in the economy, using their oil wealth to do that.

“I think it took a wrong turn when Chavez went. And I think unfortunately since then I don’t think they’ve been following the socialist policies that Chavez was developing.

"And as a result of that, they’re experiencing the current problems.”

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Front Bench promotion - end of article