George Osborne was on Tuesday at the centre of a political storm, as he was forced to deny allegations he tried to solicit a £50,000 donation from Oleg Deripaska, the Russian billionaire, on a yacht off Corfu.

Questions about the shadow chancellor’s judgment, tactical ability and even his political future were raised, after he implicitly admitted the damage inflicted on the Conservatives as a result of his five meetings with the Russian metals magnate – four in the course of one weekend on the Greek island. “I certainly regret all the fuss and misunderstanding that has come out of our trip to Corfu,” said Mr Osborne.