U.K. Ready To Fight Lawsuits Over Sugar Tax, Says Treasury Chief

The U.K. government is prepared to fight lawsuits from companies challenging its plans to tax sugary soft drinks, Treasury chief George Osborne said Thursday. "Bring it on," he said during testimony before the Treasury Select Committee. Osborne addressed news reports saying drink makers were set to sue the government over the two-tiered levy. "Don't waste time and money on a legal challenge," said Osborne. The tax will take effect in 2018, which gives companies two years to reformulate their drink recipes, he said. The planned tax has been "warmly welcomed" by health and education specialists, the Chancellor of the Exchequer said.