For the moment, time is nothing up north (4)
'nothing up north' is the definition.
(northern dialect term for 'nothing')
'for the moment time' is the wordplay.
'for the moment' becomes 'now'.
'time' becomes 't' (abbreviation).
'is' is the link.
(Other definitions for nowt that I've seen before include "Nothing (N. English)", "Northern 15 [NIX]", "0", "Duck", "FA".)