Every 100,000 immigrants lost to the UK costs the treasury £7bn, according to the Office for Budget Responsibility. That figure is unsurprising if you’ve been concentrating at all – the calculation was made in 2024 – but at the same time completely staggering. Nobody ever says, “The chancellor’s going to be in trouble because of all those lost immigrants”; few people remark on, let alone decry, the very large numbers of migrants who have been lost due to policy decisions.

And then, as budget day approaches, brute facts and mathematical realities assert themselves: migration numbers have been falling faster than anticipated. And if you take all the measures you can to discourage international students, skilled........

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