Houses of Parliament to undergo £3bn renovation

Billions of pounds could be spent on some much needed renovation work on the iconic Houses of Parliament.

The 150-year-old Grade I listed building is currently believed to be in very bad shape and needs to undergo extensive repairs. Part of the building is sinking, contains asbestos and has outdated cabling, as reported by the BBC.

An Independent Options Appraisal (IOA) report is expected to be published to showcase different possibilities for the Houses of Parliaments’ refurbishment, which would take years to complete and cost vasts amounts of money.

A study conducted by a team of experts in 2012 revealed that “major, irreversible damage” could be done to the building unless sufficient renovation work is carried out.

Chris Grayling, leader of the Commons, told MPs last week: “There are some interesting and difficult challenges ahead, some difficult decisions to take.

“But I would say to the House that instinctively I think it is important that this building remains consistently at the heart of our democracy and that we don’t end up being forced to move somewhere else.”

Although a full restoration of the building may cost in excess of £3bn, taxpayers may have to pay dupto £6bn if MPs stay at Parliament while the work goes on.

Most of the building dates back to the 1840s and 1850s as the original Palace of Westminster burned down in a fire in 1834 and is now a World Heritage Site.