Power of Secretary of State to Suspend the National Minimum Wage in the Case of National or Local Economic Emergencies

Part of Orders of the Day — National Minimum Wage Bill – in the House of Commons at 10:45 pm on 9th March 1998.

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Photo of Tim Boswell Tim Boswell Shadow Spokesperson (Business, Innovation and Skills), Shadow Spokesperson (Business, Innovation and Skills), Shadow Spokesperson (Trade and Industry) 10:45 pm, 9th March 1998

I do not know whether my hon. Friend has noticed the answer that I secured to a written question the other day about petroleum stock levels. It showed that they were only two days over the indicated level, which reflects several things, including oil companies' reluctance to continue with heavy inventories. Does he agree that, although it is important not to alarm people unnecessarily, that shows the vulnerability of any modern economy to economic shocks?