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Advice needed should I downgrde my PhD to an MPhil?
P

Hi Everyone
Help!
I am a UK 3rd year PhD student and due mainly to COVID-19 my main study which was in clinics is significantly behind (6-12 months) with recruitment still being effected so the delay could become longer as this study was going to make up the majority of my thesis (2 Papers)and the university is only giving 3 month extensions my supervisory team are suggesting I seriously think about downgrading my PhD to an MPhil as it will be risky to carry on and fail the PhD and then get an MPhil but I wanted to get other opinions and advice on what will happen if I do this as I have been funded for this PhD.
Am I liable for the cost of the PhD so far?
Will the stipend I've been receiving be stripped away if I downgrade?
How will this affect my job prospects?
Thanks for taking the time to read this and hope to hear from you