In his chairman's address, Sir Stanley said the company had grown against 'a background of the most severe and costly regulation the market economy has experienced.' Kalms is known to be an avid Tory who provided substantial contributions to William Hague's unsuccessful attempt to gain office at the last General Election for the Conservatives. He is also strongly opposed to the creation of a single European currency.

His latest attack on European bureaucracy concerns a directive on waste management currently being discussed in Brussels. If the directive is passed, retailers could become responsible for recycling faulty or unwanted electrical goods such as refrigerators and televisions which customers could simply leave at the shop counter.

Sir Stanley said the proposals are 'unworkable,' adding that it would cost retailers millions of pounds that would inevitably have to be passed onto the customer. Retailers could also be forced to apply for a waste management licence when another directive is introduced next spring, which will liable redundant fridges and freezers as 'hazardous waste.'