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Net migration to the UK has fallen by 20% from a record 906,000 the year before, the Office for National Statistics (ONS) said.
The latest net migration figures - the difference between immigration and emigration - stand at an estimated 728,000 in the year to June 2024.
ONS director Mary Gregory said the fall has been "driven by declining numbers of dependants on study visas coming from outside the EU".
Since January, most students have not been allowed to bring dependents with them, with exceptions only for those studying at PhD level.
In March, further changes were introduced by the previous Conservative government barring care workers and senior care workers from sponsoring dependents on the health and care worker visa.
Rishi Sunak's Tory administration also raised the minimum salary requirement for the skilled worker visa from £26,200 to £38,700 in April, making the visa more difficult to obtain.
The latest figures show a small increase in emigration, but the fall was mostly attributed to a decrease in immigration.
Those entering the UK as dependents of people on both work and study visas dropped by 41%.
Main applicants for work visas decreased by 7%, while main applicants for study visas dropped by 9%.
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