I see an election racing towards us!

Really? For the Tories, the position has been the same for a while:

(i) the margins are too low to be confident they would beat Corbyn (and after the last short notice election that confidence does not come easy)
(ii) while they might find an agreed candidate for one view, they lack a unity candidate
(iii) a change of leader does not require a new election.
(iv) leaving everything else aside, an election mid negotiation is problematic

A new election is possible, naturally. But who will risk it?