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Story summary
- IFS director Helen Miller warned that migration changes could cost the Treasury £4 billion in 2029-30.
- A plausible downward revision to net migration could raise UK borrowing by £1 billion to £4 billion in 2029-30.
- OBR estimated that 200,000 fewer arrivals per year would add £20 billion of borrowing within five years.
- Office for National Statistics recorded net migration of 171,000 in the year to December 2025, down from 331,000.