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He waits til after No Deal to neuter the Brexit Party. He has kept to his word and got us out by Oct 31st. Didn't back down, etc etc etc.
He'd be gambling on anti-Corbyn feeling outweighing people pissed off about No Deal.
Realistically, once Brexit happens, where will Remain voters who are not natural Corbynites go? The Lib Dems are pushing themselves as the Stop Brexit party, but as far as I can see they don't have any story after that.
I don't see why he'd wait til after no deal (though none of us have any idea what he might be planning). That seems like massive backfire potential if it goes really badly. All he has to do to neuter the Brexit party is say he'll go for no deal with no regard for you know, actual truthfulness and he'll get the votes. Left/remain cannot possibly get their shit together in time to prevent the vote being split.