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The other option is to call an election when they think they have sufficient support to gain an outright majority. This is what Macmillian did during his leadership and went from a minority to a 3 seat majority.
The_Seldom_Killer-
They can only do that if 2/3 of the HoC votes for it. This changed with the FTPA.
The opposition are unlikely to vote for it if it's going to allow the Tories to move from minority to majority.
The opposition may go for it if they think it's another bad call and they can inflict further damage on the Tories...
Greenbank
The question was "but by what mechanism is there likely to be another election soon?"
It wasn't "What is likely to happen soon?"
If there was going to be an election it would either be self induced (leadership contest) or brought on by the opposition going for a vote of no confidence.