Cameron Was Warned On Immigration Four Years Ago

David Cameron was warned four years ago that the Government would not be able to meet its immigration promises while Britain remained in the European Union.

The Prime Minister's former policy adviser Steve Hilton says civil servants told the Prime Minister "directly and explicitly" that the pledge to reduce migration to the tens of thousands would fail.

Mr Hilton said that Mr Cameron had restated his commitment to the now famous target in the 2015 general election even though he "had been told (it) was undeliverable".

:: How To Divorce The EU

Net (LSE: 0LN0.L - news) migration to the UK was revealed last month to have hit 333,000 over the previous 12 months, well above Mr Cameron's aim of being fewer than 100,000.

Writing in the Daily Mail, Leave campaigner Mr Hilton said: "We were told, directly and explicitly, that it was impossible for the Government to meet its immigration target as long as we remained members of the EU which, of course, insists on the free movement of people within it.

"You don't need to sit in a 'stock take' meeting at No 10 Downing Street to see the obvious truth: our immigration system is completely broken and, as long as we're in the EU, our elected governments are powerless to fix it."

But Mr Cameron has denied the claim and told ITV (LSE: ITV.L - news) : "Well it's simply not right actually.

"When Steve Hilton left Downing Street in 2012 immigration, net immigration had actually fallen quite substantially. It (Other OTC: ITGL - news) had got down to just after he left about 154,000 so not far away from the ambition that I set."

The Office of National Statistics notes that net migration had fallen by a quarter in 2012 – the year the former guru claims the advice was given - from 242,000 to 183,000.

His comments come as Economists for Brexit suggested that unskilled migrants were costing British taxpayers £6.6bn a year - a claim instantly dismissed by Remain as "baseless".

Meanwhile, billionaire currency speculator George Soros has warned a vote for the UK to leave will see the pound plunge by more than 15%, bringing a Black Friday more dramatic than when Britain crashed out of the European Exchange Rate Mechanism in the 1990s.

Mr Soros reportedly made £1bn off a £10bn bet against the pound when Britain left the ERM but he says most people post-Brexit would be left "considerably poorer".

:: EU: What Should I Believe?

The country would not have the benefits of a devalued pound to fall back on and, with the country's finances more fragile and with interest rates at record lows, the Bank of England would also be limited in what it could do to help.

He said: "Too many believe that a vote to leave will have no effect on their personal financial positions. This is wishful thinking.

"If Britain leaves the EU, it will have at least one very clear and immediate effect that will touch every household: the value of the pound would decline precipitously.

"A vote to leave the EU would also have an immediate and dramatic impact on financial markets, investment, prices and jobs."

The most recent polls still show a tight race, with research for The Daily Telegraph having the In camp seven points ahead, with 53% of the vote among those who intend to have their say on Thursday.

But the Orb International study shows that, when all voters are considered, the Remain camp's lead falls to 49%, compared with Leave's 47%.

:: Time To Decide: A special programme on the eve of the EU referendum with Dermot Murnaghan on Wednesday from 10pm

:: In Or Out: Get all the results and reaction from the EU referendum from 9.30pm on Thursday