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but that doesn't 'revoke' the referendum.
It does in the sense that the referendum was advisory and that advice is being rejected. What reasons are given for that rejection are up to them, but the first one would be "Our recent victory in the GE shows that the will of the people is clearly to remain in the EU."
ffm-
No, I really don't think it does. Sure, the referendum was advisory, but that has not stopped it from being used as a powerful political football with which to sow divisions, with due apologies for mixing metaphors. I'm well aware that one can stand on the legal situation, but as you can see in perceptions of the Supreme Court judgement mentioned above, that fails to convince many people. What is needed is indeed a second referendum that either confirms or denies the previous referendum outcome, whatever the legal status of such a referendum might be. Even were a new referendum to deny the previous outcome, there would still be serious and meaningful work needed to address the perceptions of many that 'Europe' is the cause of much misery to many. I personally don't care too much about instinctive anti-Europeans, but rather about people who voted for 'Leave' out of a sense of grievance or believing false information that was spread.
Oliver Schick
No, they can't make the referendum undone. Of course they can just revoke the A50 notification, but that doesn't 'revoke' the referendum.