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@Bad_Science
If the PLP were in a gambling mood, they could all choose to resign from the labour party and sit as independent labour MPs. This would not automatically trigger by-elections, but would cause the official Labour party to lose its status as the official opposition.
The PLP could choose to form a new party, approach other parties (i.e. the SNP) to form an opposition coalition, or, if they really wanted to shake things up, they could all apply to join the Greens.