So since no-one else really knows what is going to happen here is my contribution. This is more political than some blogs but then my basic interest is in Political Economy.
Am quite prepared to find out I was wrong in a few days time..
So where are we? It was clear (in so far as anything about May was ever clear) that May was aiming for a hard Brexit having fully absorbed the UKIP argument that a narrow vote to leave the EU meant a vote to exit all the structures and institutions of the EU. In particular May's refusal to accept the European Court of Justice as an arbitrar of any deal meant exclusion from the vitally important single market.
If the election on 8 June said anything, it was pretty clear it is rejection of the UKIP/Tory right vision of being outside the EU.
Before and during the election it was easy to poke holes in Labour's evolving, never clear, post-EU strategy. I'd suggest now that the lack of clarity is going to be rather helpful. Quite simply, the Labour Party is not really committed to any particular form of future relationship but is fairly clear about the tone and style of that relationship.
So what satisfies most people - with the exception of UKIP and the Tory right? I'd suggest exit onto EEA/EFTA terms. This is simple - it already exists. Attractive to the EU, not only is it simple in form it has the advantage of not over-taxing the UK political and administrative processes. So I suspect the EU would be happy to agree that with almost no discussion. It would match the manifestos of Labour and the SNP. Even those of us who really want to stay in the EU could accept it as a valid compromise.
Of interest, it would also suit the Conservatives new friends in the profoundly reactionary Democratic Unionist Party. In terms of domestic policy this grouping will reinforce every one of May's reactionary social views and profoundly authoritarian outlook. But there is one important caveat. They are opposed to a hard border between Northern Ireland and the Republic. They are also opposed to any special deal for Northern Ireland - as this will help slowly separate the province from the rest of the UK. So to them, EEA terms are ideal - no need for anything special to be done to keep a single market across Ireland.
So where does the vote leave Scotland?
First the drop in SNP MPs is not in itself particularly meaningful. Scotland is a pluralist political society with 5 parties with significant support. This is well represented in the Scottish Parliament due to the electoral system and reflected in that no local council in Scotland is controlled by a single party. Coalitions - informal or formal - are part of the Scottish political system. So a return to a pluralistic Scottish block of MPs is good.
As with any major shift, there are some losses to regret. Angus Robertson will be missed as leader of the SNP group for his effectiveness in Parliament. But then some very good Labour MPs lost their seats in 2015 (among the dross).
Second. A Corbyn led Labour Party standing on a sensible social democratic manifesto has posed serious questions to the SNP. It has had a relatively easy time presenting itself as bejng on the left (not hard when compared to New Labour) while governing in a very cautious centrist model. One reason for the loss of MPs was a boring campaign by the SNP and that reflects a lack of political clarity.
Third. IndyRef2 now has to be off the cards for a while. If Brexit is now going to be on EEA/EFTA terms then the SNP's manifesto is met in that regard (membership of the single market/free movement of labour). This is not true of course if May manages to mess up the negotiations by sticking to her UKIP inspired stance.
Four. One driver to independence was despair that the UK as a whole could not elect a government marginally to the left of the depressing mantras spouted by Blair and Brown (and the rest of the New Labour crowd). Clearly now not true. That may affect the views of many who saw independence as a pratical route to a particular goal rather than as a desired result in itself.
Five. The return of the Tories means that the Scottish left must stop patting itself on the back that in some profound way Scotland is different. Their gains in the earlier local elections clearly had much to do with a very disturbing alliance with the Orange Order and the Loyalist elements within Unionism. No one wants to see those ghouls disturbed and brought back to the centre of Scottish politics. But in this election we have basically seen them pick up the parts of rural Scotland where the 'estate vote' is strong. Not only does this emphasise the need for land reform it reminds us that we do have a strong reactionary element in the Scottish body politic.
So the case for independence needs to be rethought. The now derided options of Devo-max and fiscal autonomy may come back into favour.
Of course if we have another general election later this year and are back to a reactionary Conservative majority - well then that changes things (again).