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The letter written to the Prime Minister on behalf of 68 chancellors, governors and university presidents says Britain attracts around one in 10 students who study outside their home country, generating around £8 billion a year in tuition fees, according to The Daily Telegraph.
Signatories include former Liberal Democrat leader Menzies Campbell, chancellor of St Andrews University, as well as broadcaster Lord Melvyn Bragg, chancellor of the University of Leeds.
British universities have warned that Government crackdowns on immigration could lead to foreign students studying elsewhere, costing the British economy billions.
In a letter to the Prime Minister, 68 chancellors, governors and university presidents, said British universities could lose millions of pounds annually if immigration policies are not changed.