George Osborne unveils sugar tax in eighth budget as growth forecast falls

" Proceeds of levy on soft drinks to fund school sports
" Cuts to business rates, capital gains and corporation tax
" Income tax personal allowance increased
" Growth forecast down from 2.4% to 2%

George Osborne has unveiled a new tax on sugary drinks, such as Coca-Cola, Red Bull and Irn Bru, pledging to use the takings to provide more sports funding for schools.

The policy, described by Conservative colleagues as "nanny statism at its worst", was a centrepiece of a wide-ranging budget in which Osborne cut key taxes but warned of slower economic growth.

.@OBR_UK forecast it [UK GDP] will grow by 2% this year, then 2.2% again in 2017, and then 2.1% in each of the three years after that

Chancellor: In 2019-20 Britain is set to have a surplus of 10.4bn #Budget2016

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