A report released by Cancer Research U.K. and the U.K. Health Forum shows that obesity and being overweight could result in 700,000 new cases of cancer - plus millions of cases of coronary heart disease, type 2 diabetes and stroke - over the next 20 years.

These health problems could cost the NHS £2.5 billion in additional expenses on top of the budget released to tackle obesity-related diseases.

However, the study also showed that if the number of obesity cases would be reduced by even just 1 percent annually, 64,000 cancer cases could be prevented and the NHS could save up to £300 million.

The report, entitled "Tipping the Scales: Why Preventing Obesity Makes Economic Sense," recommended a national strategy to lower the number of obesity and overweight cases. This includes establishing a framework for businesses to cut down the sugar, calorie and fat content in food products and imposing a "watershed ban" on TV ads for foods high in sugar, fat and salt from 6 a.m. to 9 p.m.

Aside from these, the report suggests reviewing online unhealthy food ads targeting children. The report also calls for the government to impose a tax of 20p per liter for beverages that are high in sugar.

"Obesity will be a huge burden to society and the NHS in the near future. We must act now to combat this threat and we need the government to restrict the marketing of sugary food to children," Alison Cox, director of cancer prevention at Cancer Research U.K., said in a press release.

With kids "bombarded" with unhealthy food advertisements, restricting such ads is important, Cox said.

"We need to attack the obesity problem on many fronts and we must act now. Otherwise, our children will pay the price and the next generation will have poorer health, face more disease and die earlier," she said.

U.K. Health Forum CEO Paul Lincoln said the report presents "a very clear economic case" for addressing the obesity epidemic.

"The government's planned childhood obesity strategy is a golden opportunity to tackle the availability, affordability and promotion of unhealthy foods that is driving the current crisis in children's diets," he said.