Time is money.
It enshrines in law the right for every employee to claim a minimum level of pay for every hour worked. The NMW is just the latest in a raft of regulations introduced by New Labour since the general election. Time is money indeed, and the cumulative burden of administering new regulations takes time, costs money, and could ultimately cost jobs. The government is only just beginning to wake up this truth. The Secretary of State for Trade and Industry Stephen Byers has of late evinced clear acknowledgement that red tape is strangling the goose that lays the golden egg.