Theresa May has survived, but enough Tories have credibly indicated they won’t support her Brexit plan at least not yet. She doesn’t want Hard Brexit and doesn’t hate Remain, if the latter can be done sustainably. She could threaten those Tories with a new election or with a second referendum. If I were her, I would prefer the latter, as who would want to bring Jeremy Corbyn into the picture? Nonetheless I don’t think she favors a second referendum per se (too hard to control and manage, no matter what the result). The threat of a second referendum will be brought to the table, and that means some chance it will happen. Right now the second referendum contract is selling at 36 cents on the dollar. That seems correctly priced to me, with the more likely outcome being that enough Conservative MPs fall into line and Theresa May gets her way, more or less.