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Budget 2016: Chancellor announces new tax on sugary drinks

After much speculation and lobbying from from health charities, the food and drinks industry and MPs and Peers, George Osborne announced a tax on sugary drinks during his budget today.

Delivering his eighth budget to the House of Commons, the Chancellor made note of the fact that one of the biggest contributors to childhood obesity are sugary drinks and that obesity increases the risk for cancer, Type 2 diabetes and heart disease, costing the economy £27 billion a year.

Osborne announced that the new sugary drinks levy will be levied on companies and will be introduced in two years time in order to give companies plenty of space to change their product mix. Before its introduction, there will be a period of consultation  which is expected to open this summer.

You can read more on the sugary drinks levy here.

 

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