Labour's John McDonnell says UK economy requires 'revolution'

Labour is planning a 'revolution' for the UK economy, John McDonnell has told the BBC. The shadow chancellor was speaking to Newsnight for a series of reports to mark 40 years since the election of Margaret Thatcher. He said he saw parallels between today and 1979 when Mrs Thatcher swept to power in a major political sea-change. 'Things aren't working for people, so they're looking for change,' Mr McDonnell said. Asked whether Labour's plans represented evolution or revolution he said: 'OK it will be a revolution. Transformative - because we are going to change society and that's what's demanded of us now.' He added: 'And do you know? I think most people accept that now. We'll do it by taking people with us. But it will be done on a very pragmatic basis.