The UK has seen the highest level of net migration since the Second World War fuelled by "unprecedented" world events such as the war in Ukraine.
The Office for National Statistics (ONS) said an estimated 1.1 million people arrived in the country in the past year, with 504,000 more people arriving rather than departing.
By contrast, 560,000 people are estimated to have left the UK in the same period, with almost half of those - 275,000 - going back to the EU.
Meanwhile, the asylum backlog has also risen to 143,377, with 97,717 people waiting more than six months for a decision at the end of September.
Labour said today's figures showed that the Tories had "completely failed to get a grip" of the asylum and immigration system.
The last time net migration to the UK was this high was before the Brexit referendum in March 2015, when the figure was 331,000.
The Tories vowed to bring down net migration in their 2019 manifesto and hard-line Home Secretary Suella Braverman suggested reviving a Conservative pledge to reduce the number to the "tens of thousands" in September.
The right-winger admitted to MPs yesterday that the UK had "failed to control our borders".
Jay Lindop, ONS deputy director of the Centre for International Migration, said "unprecedented" world events such as the war in Ukraine, arrivals of Afghans and Hongkongers and the end of lockdown restrictions.
He said: "Migration from non-EU countries, specifically students, is driving this rise. With the lifting of travel restrictions in 2021, more students arrived in the UK after studying remotely during the Covid-19 pandemic.
"However, there has also been a large increase in the number of people migrating for a range of other reasons. This includes people arriving for humanitarian protection, such as those coming from Ukraine, as well as for family reasons.
"The many factors independent of each other contributing to migration at this time mean it is too early to say whether this picture will be sustained."
Shadow Home Secretary Yvette Cooper said: “Whilst there are unique circumstances behind today’s figures including the support the UK has rightly given to Ukraine, Hong Kong and Afghanistan, they also show serious problems with Conservative mismanagement of the immigration and asylum systems where they have completely failed to get a grip."
She said the Government had failed to tackle criminal gangs and asylum decision making had "collapsed" - despite Tory promises to halt dangerous Channel crossings.
“The asylum and immigration systems need to be properly controlled and managed. But the Conservatives have had eight Immigration Ministers, and six Home Secretaries in seven years," Ms Cooper said.
"This chaos means they have no proper grip or control and they just ramp up the rhetoric instead of putting sensible policies in place.”
Lib Dem Home Affairs spokesman Alistair Carmichael branded the Home Office a "disaster zone" and said asylum decisions should be handed to a new independent unit.
"By their own admission, the Conservatives have broken our asylum system and shattered public trust in it," he said.
“Tens of thousands of refugees have been waiting months for a decision, banned from working or renting their own home. The Conservative chaos at the Home Office is wasting millions of pounds of taxpayers’ money every day.
“The Government must finally get a grip."
Enver Solomon, Chief Executive of the Refugee Council, accused the Government of "neglect and mismanagement" of the asylum system.
“The number of men, women and children now living in limbo has risen by 20,000 in just three months, meaning 143,000 are now waiting for an initial decision on their case with just under 98,000 waiting more than six months.
“Given the number of asylum applications which are agreed is at its highest level for 32 years – reflecting the global refugee crisis with millions of people fleeing their homes because of war, conflict and persecution – these new Home Office statistics underline why urgent action from government is so important."
Downing Street insisted Rishi Sunak wants to bring overall immigration levels down and blamed "unprecedented and unique circumstances".
The PM's official spokesman said: "The Prime Minister is fully committed to bringing overall numbers down.
"There are some unprecedented and unique circumstances which are having a significant impact on these statistics.
"The Prime Minister has said he wants net migration to reduce, he has not put a specific timeframe on that."
Home Secretary Suella Braverman said it was understandable that record numbers of people had come to Britain from Ukraine, Afghanistan and Hong Kong.
She said: “Our immigration system allows us to provide refuge to those in need, including 144,600 Ukrainians, nearly 23,000 from Afghanistan and over 144,000 from Hong Kong.
“But the public rightly expect us to control our borders and we remain committed to reducing migration over time in line with our manifesto commitment.
"This level of migration has put pressure on accommodation and housing supply, health, education and other public services. We must ensure we have a sustainable, balanced and controlled approach which is why we continue to keep our immigration policies under review.
“My priority remains tackling the rise in dangerous and illegal crossings and stopping the abuse of our system. It is vital we restore public confidence and take back control of our borders.”
