Former Cabinet minister Robert Jenrick said research showed hundreds of thousands of newcomers fuelled the housing crisis while failing to benefit the economy.
Dismissed
And in a shot across the Prime Minister's bows, he argues it would be "unforgivable" if Mr Sunak failed to act before the general election.
The ex-Immigration Minister also said voters have been "betrayed" by the Government as post-Brexit regulations have done nothing to curb high levels.
In a hard-hitting report, he dismissed claims that migration boosts economic growth and warned that rapid population increases are largely responsible for housing shortages.
He said: "It would be unforgivable if the Government did not use the time before the general election to undo the disastrous post-Brexit liberalisations that betrayed the express wishes of the British public for lower immigration."
Last month, Mr Jenrick announced he was "debunking the myth" that migration fuels economic growth by working on a report, written with another former minister, Neil O'Brien, and the Centre for Policy Studies think tank.
Mr Jenrick called for a cap on numbers, tougher restrictions on students coming to the UK, and a reduction in social care visas.
He also called for the Home Office to be broken up, with a new Department of Border Security and Immigration Control created to take over responsibility for migration.
He added: "The changes we propose today would finally return numbers to the historical norm and deliver the highly selective, highly skilled immigration system voters were promised.
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