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Chancellor George Osborne has told soft drinks companies to "bring it on" over reports some are considering a legal challenge to the new sugar tax. The tax on the soft drinks industry was announced in the Budget, and will take effect from 2018. Mr Osborne said the policy was legal and the government would "robustly" defend it against any court challenge. He said the tax was the "right" thing to do, would help to combat childhood obesity and had been widely welcomed. Mr Osborne told the Treasury Select Committee many companies were already doing "the right thing" by reducing sugar in their products and urged others to follow suit. 'Reformulate' Asked about reports that some companies were considering challenging the legality of the policy, he said: "I would say, if they want to have an argument about the sugar tax, bring it on. "We are going to introduce a sugar tax, it's not a threat or a promise, it's the way it...

George Osborne today announced a 25p per litre sugar tax on fizzy drinks from 2018 - and within seconds sent shares in the soft drinks industry plummeting. Campaigners including Jamie Oliver were celebrating the Chancellor's Budget decision, which will raise an estimated £520 million a year. Share prices in Coca-Cola's British arm, Britvic, which makes 7 Up, Robinsons squash and Tango, and Irn-Bru maker A.G. Barr fell by up to 27p per share within seconds of the announcement. Shares in  Coca Cola UK, whose drinks would be subject to a levy, also slumped by 20p after Mr Osborne's announcement Jolt: Shares in soft drink giant Britvic, left, which makes Tango, right, R. White's Lemonade, and Robinsons squash, saw its share price fall more than 20p the moment George Osborne announced the sugar tax The NHS has hailed the decision as brave but some have branded it a tax on Britain's poor. The tax will be imposed on sof...