Shadow Chancellor John McDonnell says plans for £500bn public spending blitz are ‘first step’ in a 15-year socialist revolution

JOHN McDonnell said his extravagant plans for a £500billion public spending blitz were just the “first step” of a 15-year socialist revolution under Labour.

The Marxist Shadow Chancellor said he was “embarrassed” by how small his plans were.

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They would cover the first ten years of a Labour government, he added.

But he said: “I am looking for three periods of office for Labour, so we will have to revisit these figures.”

The Confederation of Business Industry said the plans would burst the public purse.

And experts warned that Mr McDonnell’s pledge to give gig economy workers full employment rights would destroy the sector.

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Meanwhile, Mr McDonnell has sparked fresh fears of a purge of moderates by signalling support of reforms to make it ­easier to deselect MPs.

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