Government has cut holiday licensing fees for businesses until March next year and given $20,000 towards the Chamber of Commerce's Buy Bermuda Campaign to encourage shopping.

And Finance Minister Paula Cox said a full review of the fees will be done before the next National Budget.

During a press conference yesterday she said these decisions were made in response to concerns about the economy and as an effort to help during the holiday season.

Ms Cox added that the fees – which range between $88 and $100 – would no longer need to be paid for Sundays or holidays until March 31 and anyone with an annual license could be reimbursed.

She said: "From the very onset of these worrying financial times, this Government, through the Ministry of Finance, promised that it would do all that it can to ensure and preserve the strength and stability of Bermuda's economy.

"We continue to uphold that promise. Yet, we also understand that words are not enough to demonstrate that commitment. We understand that the people of this country need tangible demonstrations of our promise.

"Action is required. So as we enter earnestly into the throes of this holiday season, and following consultation with the Chamber of Commerce, I am pleased to announce that the Ministry of Finance has decided to waive the fees for the single Holiday Trading Licenses which are issued under the Public Holidays Act 1947.

"The waiver period is from Sunday, November 30 until March 31, 2009.

"The Ministry of Finance is intent on cutting the red tape that has hampered shopping on Sundays and public holidays and will conclude a full review of the relevant legislation prior to next year's National Budget."

So starting on December 22 any business that does wish to be reimbursed for the fee waiver period can visit the Chamber of Commerce.

Ms. Cox also moved to reinforce the Chamber of Commerce's Buy Bermuda Campaign with a $20,000 cheque she presented to chairman of the retail division Kristi Grayston.

In the latest statistics revealed by Government, retail sales in September fell for the fifth straight month, by 5.3 percent, after adjusting for the annual retail sales rate of inflation, measured at 5.8 percent.

And retail sales value only went up slightly by 0.2 percent during the same month, its slowest growth for six months, as per the Department of Statistics' Retail Sales Index.

While overseas spending also dropped in September by 6.8 percent to $5.5 million for September compared to $5.9 million for the same month last year. It was the first year-on-year fall recorded since October 2007.

Yesterday Ms. Grayston thanked the Ministry for their help with the Buy Bermuda Campaign and for waiving the licensing fees.

Adding that she hoped it would encourage the retailers to remain open and the public to shop on the Island.

She said: "Thank you very much on behalf of the Chamber of Commerce and the retail sector across the Island. We really appreciate your support.

"I think a lot of people are looking and we are really hoping they are coming back to buy and are pleasantly surprised with what they are seeing."