"There is a huge moral difference between talking to other foreign leaders - I meet them all the time as Defence Secretary - and Jeremy Corbyn's quite open support for the IRA", he said.
However, the proposal is likely to be opposed by the City, already anxious about the fallout of Brexit.
"That's why we'll fix the broken housing market and support local authorities and housing authorities to build a new generation of council homes".
According to a leaked copy of its draft manifesto Labour will also promise to renationalize rail and mail services and take some of the energy sector into public hands, betting that a shift to the left will win over voters.
The party said it expected "thousands" of new homes to be built each year in move that will be seen as a symbolic break with the legacy of Margaret Thatcher who introduced right-to-buy - although tenants will eventually be able to purchase the properties.
Britain's Labour Party pledged to more than double what the government raises from taxes on financial transactions by extending stamp duty to cover derivatives and bonds, and removing an exemption for trading houses.
The Conservatives said it was "madness" and warned that it would lead to the loss of jobs and economic growth, while Labour Mayor of London Sadiq Khan has previously warned against a "unilateral tax on business in our City".
At the current rate of 0.5 per cent per transaction, the party said the move would raise £4.7 billion in 2016/17, rising to £5.6 billion in 2021/22 - the final year of the next parliament.
It also said that similar financial transactions taxes are now being prepared for introduction in 10 other European states.
Bills name Joe Schoen Assistant GM
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At the same time, Labour explained that it would carry out "the biggest crackdown in this country's history" on tax avoidance, with a comprehensive programme of tax reform.
Following the disclosures in the leaked "Panama papers" in 2015, it said a Labour government would close the loopholes and clamp down on the network of secretive shell companies and offshore tax havens used by the "super rich" to shield their wealth.
As part of its clamp down on tax avoidance, Labour said it would require large companies and wealthy individuals earning more than £1 million to publicly file their tax returns.
Mr McDonnell said the changes would restore "fairness" to the system after the bail-out of the banks following the financial crash of 2008.
"All we're asking for is fairness in our tax system", said Labour's finance spokesman John McDonnell.
John McDonnell has told the Sophy Ridge on Sunday programme that the party's proposed £26bn tax raid on the City is just a request for a "small contribution" to help pay for and public services.
"Ordinary people are still being made to pay by the Tories for a crisis they didn't cause through the worst spending cuts for generations. So we are asking for a small contribution.to fund our public services".
For the Conservatives, Jane Ellison, the Treasury Minister, dismissed the plans as a "total shambles" from Jeremy Corbyn.
The City has long argued that such a tax would clog up markets and undermine competitiveness, with extra costs passed on to investors and consumers.
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