Parliament revamp could cost 40bn and take 61 years

"The refurbishment of the Houses of Parliament could cost almost 40bn and take 61 years, under proposals presented to MPs and peers. It's one option presented by the team working on the long-delayed restoration of the historic building, which is falling apart and costs 1.5m a week to maintain. The team has also suggested moving MPs and peers out of the Palace of Westminster for up to 24 years from 2032, under a refurbishment plan that could cost as much as 15.6bn."

"In a report setting out the recommendations, the R&R Client Board - committee set up to deliver the renovation - said "continuing in the same way is unsustainable". The report said: "It will mean increasing safety and operational risks and will lead to an expensive managed decline of the Palace." It added that the cost of delaying a decision is estimated at 70m a year."

Refurbishing the Palace of Westminster faces two major options: a full programme that could cost almost 40bn and take 61 years, or a plan requiring relocation of MPs and peers for up to 24 years from 2032 with costs up to 15.6bn. Initial works are proposed, capped at 3bn over seven years, to build temporary accommodation and a Thames jetty for deliveries. The building currently costs 1.5m a week to maintain, suffers Victorian-era and older fabric and services deterioration, and presents increasing safety and operational risks. Delaying a decision is estimated to cost 70m a year, with a preferred option decision needed by mid-2030.

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