Wages have been stagnant in the UK for too long. In the last decade or so certain sectors of the economy (hospitality, agriculture, nursing) have been too dependent on a vulnerable "serf class" of easily exploitable workers.
That workers have got more money to spend is a really good thing for themselves and for business.
Reducing the pool of workers (Brexit) doesn't sold the wage problem.
If a production line requires 30 people, and there are only 20... increasing their wages won't help.
It won't encourage additional staff, as company B to Z is doing the same, and people aren't out of work because the wages are too low.
Increasing minimum wage is the better way to do it.
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.
And that doesn't have to be a bad thing either, that kind of company probably wouldn't have existed to begin with if inequality wasn't brutal nowadays.
The cost increase over the last 10y at every fast food place and restaurant near me has vastly exceeded 35 cents. Wage increases are inevitable and stagnation is only sustainable until normal people are priced out of living entirely and decide to flip the table.
They can easily afford it. If you dig into any of these companies finances you will see that payroll is generally less than 20% of their overall costs. In my area most workers are flocking to warehouse work as a major american retailer has bumped their starting wage to $25.50/hr plus benefits and is literally hiring people without any sort of phone screen or face to face interview. You will out a web form and get a start date by email.