The Telegraph reported that birth rates appear to have peaked and may be falling again. If this proves to be a trend not a one off then the situation should correct itself.
Although if the population shift to cities continues more will have to be spent there, and less outside them, which might be difficult politically.
In the short term, i,e, now I am not sure there is much that can be done, an emergency building programme would not help this year, and there is no money anyway.
Look to bring old schools that still exist back into service maybe, but even that, allowing for finding teachers etc will probably only help next year or later.
For now just muddle through as best as can be done I suppose, pack more children into over crowded schools, maybe relax the requirements on teaching assistants to allow parents more of a role in primary schools?