My 2p, they’ve got 2 choices.
1) Carry on with the Democratic Socialist mantra with a new face. Corbyn has already sold 1 lost election as a win and in the face of an absolute hammering last night as “we’ve changed the face of British Politics” They’ll appoint John McDonnell, Diane Abbott or maybe Rebecca Long-Bailey – staunch Socalists with the usual ‘with us or against’ attitude. They’ll spend the next 5 years (or at least until Boris **** it all up) only engaging with people like them and hoping and praying that another 10 million card carrying Socialists will be created and lose again.
2) Regroup and change direction with a Social Democratic Leader and Policies with someone like Keir Starmer or Yvette Cooper. IMO with the Tories lurching to the right, they shouldn’t lurch to the left.
Personally I think the latter is far more electable, and history backs that up, but the Labour Party are now full of ideologists who’d rather lose, keep their principles and change nothing, than be accepting of other peoples views and change things for the better.