A new study by Deloitte Real Estate, AECOM and HOK has put forward a range of options and costs for refurbishing the House of Commons and House of Lords.

Work would take up to 32 years on a rolling basis if politicians stayed-put and the repairs were carried-out around them.

Or they could move out to a temporary home which would cut the construction timetable to six years.

The consulting team have also come up with other compromise options detailed below

The total cost of the programme could soar to £5.7bn when the fees and the cost of temporary accommodation is included.

Parliament officials said: “All costs are provisional estimates at this early stage and include significant provision for risk and uncertainty.

“Once a preferred way forward has been identified, the scope will be firmed up and more specific costs will be developed.”

Construction work would not start until 2020.

Alex Bell, IOA Lead and Partner, Deloitte Real Estate, said: “Our analysis indicates that the Restoration and Renewal of the UK’s most famous building will be a challenging and potentially expensive exercise, but that it could also generate significant benefits to Parliament and the UK more widely.

“Members and Peers face unenviable decisions, although recent mega-project success stories such as the Olympics and Crossrail demonstrates the UK’s capability to deliver such projects successfully.”

Richard Ware, the Programme Director, said:  “It is clear from this report that Parliament is faced with some difficult choices.

“The Palace of Westminster is a building of huge national and international importance and we face a massive challenge in securing its future. Parliament will now consider the recommendations of the IOA and will do everything possible to secure value for money and ensure transparency throughout the process.”