Britain’s welfare system is ‘bust’ and faces its most radical overhaul for 60 years to undo Labour’s legacy of benefit dependency, Work and Pensions Secretary Iain Duncan Smith has declared. The former Tory leader vowed to end the scandal that means welfare claimants are no better off – and sometimes poorer – if they come off the dole to take jobs paying up to £15,000 a year. He also signalled that benefit payments to the middle classes were likely to be pared back in favour of income tax cuts – and the state pension age might have to rise more...