The fall in the pound’s value since Brexit has reduced the cost of UK degrees for international students by up to a fifth, but also made low-wage jobs less attractive to foreign workers, new analysis has shown.

A study by the Oxford Migration Observatory suggests that the currency fluctuation will have a variety of different effects on future immigration flows depending on the reasons for a migrants coming to Britain.

International students, for instance, stand to make savings because the weak pound reduces the annual of ￡13,500 undergraduate tuition fees for overseas applicants. Chinese students will have experienced a 13 per cent cut in fees between the June Brexit referendum and the December 2016, while those paying in US dollars would have saved 17 per cent, and those using the South African rand by 20 per cent. This does not take into account further reductions in living costs.