All it will mean for Brits is a tidal wave of poorly-educated people with marginal English language skills applying for everything on the basis of a “degree” their parents bought for them in the Punjab or Latvia or Harare in 1992 which cannot now be proved to have been faked.  
 

For people with good degrees and proper educations from small European countries with (say) 10 million speakers or fewer it will be a huge help.