Britain will introduce a sugar levy on soft drinks in two years’ time to tackle a growing obesity crisis, Chancellor George Osborne said in a surprise announcement today, hitting share prices in drinks and sugar firms.

Just months after the government ruled out a sugar tax, Osborne said the planned levy, which would be imposed on companies and based on the sugar content in drinks, would raise 520 million pounds which will be spent on doubling the funding of primary school sports.

Delivering his eighth budget today, Mr. Osborne also revised down the UK’s growth forecast and sparked controversy by warning of the risks to the UK economy of EU exit.

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