Rupert Murdoch has rebuffed repeated suggestions he traded the political backing of his newspapers for commercial favours and an easy ride for the biggest attempted takeover in News Corp’s history.

During an assured appearance before the Leveson inquiry into British press ethics in London, the 81-year-old chairman and chief executive seemed wrong-footed only once, when asked about the timing of his $12bn proposal to take full control of British Sky Broadcasting, launched within weeks of David Cameron’s election in 2010.

After a pause, Mr Murdoch said he did not know, later saying the timing had been coincidental. His evidence contradicted testimony the previous day from his son, James, who said the company waited until after the election so the bid would not “become a political football.”