Good question. You have to understand that "labour shortage" is code for "I cant find workers for the price that I would like".
Clearly there isn't (and can't be) and actual shortage of workers, there can only be increased competition between employers for available workers.
Its worth noting that in recent history, the times when democracies have been closest to actual labour shortages (post WWI and WWII) have in fact been correlated with economic booms.
The pool of workers available to UK companies has just been significantly and suddenly reduced. There is an actual shortage - the number of vacancies has exceeded the number of unemployed, without even taking skill into consideration.
Clearly there isn't (and can't be) and actual shortage of workers, there can only be increased competition between employers for available workers.
Its worth noting that in recent history, the times when democracies have been closest to actual labour shortages (post WWI and WWII) have in fact been correlated with economic booms.