The announcement comes as Nigel Farage announced that he is returning to lead the Reform Party, with its focus on reducing immigration, which has heaped further pressure on Mr Sunak.
Some Conservatives have been unhappy over the PM’s approach to immigration, with control over the UK’s borders seen as a key battleground between Labour and the Tories this election.
Mr Sunak said putting the decision in the hands of MPs would give voters confidence their views would be respected and reflected.
“The plan is working but migration levels are still too high, so we are going further,” he said.
The PM claimed Labour would “make the UK a global magnet for illegal immigrants”, suggesting they had “no plan to reduce net migration”.
“The Conservatives are the only party that is willing take the bold action needed to cut immigration figures,” he continued.
The cap would apply to worker and family visas and would exempt temporary work routes, such as Seasonal Agricultural Workers.
The MAC’s remit would prioritise the economy, with explicit orders to look at the economic costs of migration, including the impact on public services, wages and productivity.
However, this would be the fourth attempt at such a cap, with successive Tory governments attempting to limit visas under Theresa May, David Cameron and Rishi Sunak in last year’s Illegal Migration Act.
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