The comparison with 1974 is hardly reliable, or encouraging: Wilson had no realistic choice in Feb 1974 but to go it alone: there was no large 3rd party bloc worth speaking of, although the Liberals did remarkably well.
So he limped on for a few months, before achieving a stunning 3-seat majority in October. That lasted a barely 3 years until he formed the Lib Lab pact with Jeremy Thorpe.
There won't be an election now because, as already noted, someone would have to call a vote of no confidence in the govt: probably the govt itself, which would be slightly surreal. And might well lose, which would be even more surreal
Fixed term parliaments seem like one of those things which looked opportunistic in 2010 but now looks rather less so :-)