We need to move to a higher wage/lower welfare benefit society, says the chancellor.

Ok, but surely, given that most of the welfare benefits are means tested, all we have to do in to grow wages. Reductions in the cost of welfare will then follow automatically.
We don't need to cut the benefit (as the new universal credit system will still do), because, if wages really do go up, then fewer will need them.

Or am I missing something?