Britain to levy sugar tax on soft drinks industry

- AFP

LONDON: Britain will introduce a sugar levy on soft drinks in two years' time, Chancellor Osborne said in a surprise announcement in his annual budget on Wednesday.

Osborne said the levy, which would be imposed on companies and based on drinks' sugar content, would raise £520mil (RM3bil).

Shares in drinks and sugar groups fell on the news, with Britvic and AG Barr, which makes Irn Bru, down between 3% and 5%. Sugar group Tate & Lyle was down 2%. – Reuters