This won't stop immigrants at all and I say this as an immigrant from Germany.
The majority of immigrants come from Africa, Pakistan, Asia which are all outside the EU so we will still be getting hundreds of thousands of them every year like we have been every year.
We will need to say STOP soon though as we're only a small island and I for 1 don't want England to turn into new Pakistan or new Africa because "muh multiculturalism maaaannn".
So what is your solution. A points system won't stop this as most will either already be passing on points or be on spousal visas and bypass that system.