To be honest I think this alone will slow up workers coming to the UK, and achieve the desired drop in inward migration of workers by itself.
Perhaps the real problem down the line will be UK citizens who are skilled and educated deciding to leave the UK. I think Brexit will add to the strain of the Brain Drain.
I can see the EU needing to reform anyway, and the Brexit move by the UK is merely a catalyst for a review of it's structure that should have taken place ages ago.
The Euro experiment in my opinion has failed. Perhaps the core of richer countries have benefited over the last years, but it has increasingly marginalised and bankrupted the poorer countries further.
In fact the Euro has caused the migration problem to the UK all the while the Pound was strong. The idea that being in the EU, and benefiting standards of living for poorer countries is hogwash. Look at Greece, Spain, Romania, now Italy. All are poorer in real terms now than before.
The EU so far has failed to do what it said it would achieve for members joining since the initial inception.
What the EU has done is standardise working conditions and benefits pretty much across the bloc. People have more protection when part of the EU, both legally and generally.
When the UK leaves the EU much of that protection will be lost for the public. Expect more Zero hours contracts not less.
The UK government and press started this propaganda against the EU when the 'Banana' legislation got trotted out the first time, so check your reference to those newspaper articles and see how the press and media have demonised the EU in increasing proportion and obvious manipulatory propaganda against it since then. That was when Brexit was conceived in the minds of the Press, Media, and Goverment / big business minds.
I think a Two or even Three Tier EU is feasible. Countries that trade within each tier using a set value of trading currency, in the same way the Euro works, then the common Euro value for inter tier trade.
It makes sense to keep the Euro as a common currency if this was happening until the economic situation stabilises. Then I would revert back to national currency again.
In effect I am suggesting 'Mini Blocks' that are part of the entire EU block.
For instance UK would be better in the affiliate block with Norway etc, if that is where they wanted to be. (Everyone using their own currency).
Then Germany, France, and the wealthiest with the biggest surpluss of GDP in the 'naughty corner'.
The rest of the countries in the Doing ok corner.
Which is pretty much how it is anyway.
The EU needs to gets its own house in order. Less beaurocratic, more responsive, a review of free movement, better global policies, and get ready for the Silk Road.You won't want empty trains going back to China! Which obviously means better relations with Russia.
We are on the brink of the Apocalypse allowing the USA to rule the world any longer, either by trade, war, or terror.
Lets have a peaceful future, and a wonderful world for future generations.