This is an overly simplistic view of the situation and equating free trade with freedom of movement is a little disingenuous.
What we are going to get by this management of immigration is less numbers, so less strain on infrastructure and public services, whilst refining those who are coming to fit our needs more accurately.
Unless you have the opinion, which you obviously do, that borders are bad, it’s entirely reasonable and is similar to other reasonable nations around the world.
Our new points system is incredibly similar to Canada and they’ve had theirs for a significant period of time.