Osborne under fire in donation row

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The shadow chancellor is fighting for his political life amid claims that he approached Oleg Deripaska for an illegal £50,000 donation. Mr Osborne has issued a detailed account of his holiday dealings with Mr Deripaska in Corfu and denied that either he or party fundraiser Andrew Feldman had "solicited" a gift.

But Nathaniel Rothschild, the source of the allegations, maintained that the Tories had been interested in pursuing the potential gift. He said that the subject came up in conversation three times in one day, during which Mr Osborne spent time on Mr Deripaska's luxury yacht.

On the final occasion, at a dinner at Mr Rothschild's Corfu villa, he said Mr Osborne was "interested in whether and how such a donation could be secured".

Mr Rothschild said he had a later telephone conversation with Mr Feldman, during which he was "left with the impression that the Conservative Party remained interested in pursuing it".

In his statement, Mr Rothschild also names one of the witnesses of the discussions as one James Goodwin.

He said: "On 24 August at my house in Corfu, Andrew Feldman, George Osborne and I discussed the prospect of a donation by Leyland DAF, a UK company controlled by Mr Deripaska, before we went on to Mr Deripaska's boat. This conversation took place in the presence of another of my guests, James Goodwin.

"Mr Goodwin recalls that the subject of a donation by Mr Deripaska's UK company also arose briefly while we were on the boat, but the conversation gained no traction.

"At dinner at my house later that evening, the subject again came up in conversation, and Mr Osborne was interested in whether and how such a donation could be secured. The next time the issue arose was during a phone call between Mr Feldman and me in mid-September. I was left with the impression that the Conservative Party remained interested in pursuing it."

A spokesman for Mr Osborne said: "George Osborne today gave a detailed and complete account of his conversation with Mr Rothschild and Mr Deripaska. He completely stands by that statement and denies absolutely any new recollections from Mr Rothschild."