More than 10,000 workers expected to lose jobs in Milton Keynes due to effects of Covid-19 on businesses, research suggests

The research conducted by Professor Marc Cowling, University of Derby, and Professor Ross Brown, University of St. Andrews, looked into the impact of the Covid-19 lockdown on the 100 largest cities and towns in the UK.

The findings show that 1,202 businesses in Milton Keynes are at immediate risk of failing as they run out of cash. This figure meant the town was ranked in 100th place, out of 101, in the table of business failures, with 0.0852% of MK firms expected to fail, according to the data.

This scale of business failures in Milton Keynes would put 10,689 workers into unemployment with little chance of finding a new job, according to the research. This stat saw the town ranked in 77th place out of 100 in the job losses table, with 0.0552% of the total workforce in MK expected to lose their jobs, the research suggests.

Professor Cowling said: "The immediate consequences of the Covid-19 crisis on the economies of our cities and towns will be extremely severe at a time when people are already struggling to make ends meet and pay their bills."

Professor Ross Brown added: "Whilst the predicted job losses are spread widely across the UK, it is very apparent that the cities and towns outside of the wealthy South East of England will suffer more from business failure. This fact alone means that the levelling-up agenda just got a lot harder."