Capitalism doesn't serve UK's interest, says shadow chancellor

Shadow chancellor John McDonnell has insisted he does not believe in capitalism as it stands.

The Labour left-winger said he wanted to transform capitalism to ensure it breaks free from its neo-liberal "straitjacket".

The comments came as Mr McDonnell was asked to stand by a quote he repeated, stating: "It's easier for people to imagine the end of the Earth than the end of capitalism, and that is what we are about."

The shadow chancellor told BBC Newsnight: "I don't believe capitalism serves the interest of our country at the moment.

"I want to transform our economic system. That means transforming capitalism. That means working through institutions like the European Union to make sure they are more open and democratic so we can break the neo-liberal straitjacket there is on economic policy within Europe."