Annual net migration to the UK from European Union countries could fall by as much as 150,000 as a result of Brexit, while low-income workers would get a pay boost, according to a new study.

A reduction in foreign workers would boost pay for UK nationals in low-income jobs by as much as 0.5 per cent by 2030, found the report by the National Institute of Economic and Social Research (Niesr).

The research suggests that a large drop in migrant workers would have a lost-lasting damaging effect on the economy, reducing GDP per capita in 2030 by up to 5.4 per cent below what it would otherwise have been.