Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, Britain September 7, 2022. REUTERS/Phil NobleLONDON, Sept 22 (Reuters) - British finance minister Kwasi Kwarteng said on Thursday a 1.25 percentage point increase in payroll tax that took effect earlier this year would be reversed from Nov. 6, setting out the timeline for a previously promised move. To raise living standards for all, we need to be unapologetic about growing our economy," Kwarteng said in a statement. Kwarteng will also scrap from April 2023an increase to dividend tax rates which had been brought in alongside the payroll tax increase to raise contributions from those who are paid through different channels. The extra money needed to make up for the shortfall caused by cancelling the tax will come from general taxation, the Treasury said.

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