The owner of the London Evening Standard has defended his appointment of George Osborne as editor, claiming his paper will provide a more effective opposition than Labour under Jeremy Corbyn.

Evgeny Lebedev, the Russian billionaire, stunned Westminster and Fleet Street yesterday by appointing the former chancellor editor at London’s evening paper. Mr Osborne has faced questions over conflicts of interest after saying he would stay on as MP for Tatton, in Cheshire, and over the paper’s coverage of Blackrock, the US fund management firm where he earns £650,000 as an adviser.

“Sad old commentariat. Wait and see his paper before judging,” tweeted Mr Lebedev, 36. “Tories saying he will criticise the government now. Labour say he is a Tory stooge. So, which is it?!”

“Frankly…