March 16, 2016 10:28 AM EDT

A new tax on the makers of sugary drinks will go into effect in the U.K. in two years in an effort to prevent childhood obesity.

Chancellor of the Exchequer George Osborne announced the new soda tax on Wednesday, noting that it would raise more than £500 million (about $700 million) which will be applied toward funding school sports.

Nutrition advocate and celebrity chef Jamie Oliver took to Instagram to celebrate the announcement on Wednesday, calling the new tax a “profound move” and “amazing news.”

A 10% tax on sugary drinks in Mexico has proved reasonably effective over the last two years, with one study reporting a 6% decline in purchases.

[Reuters]

Contact us at letters@time.com.

Read More From TIME

Related Stories

EDIT POST