The original renovation cost of Westminster Palace was set at £1bn, at the time, deemed by some as a somewhat modest figure. At the outset, one architect working on the project was quoted as saying “Bits of the buildings are not literally falling off”.
According to recent independent reports, works could now cost an eye-watering £5.7bn, with some experts warning the cost could even spiral as high as £7.1bn over the duration of 32 years.
As renovation insurance experts, experience tells us that the majority of renovation works tend to overrun, and we can only expect this to be the case with a project as colossal as this.
The cheapest option would involve parliamentarians leaving the building entirely for six years at an estimated cost of £3.5bn, with a partial move out costing £3.9bn.
With Members and Peers set to discuss the issue next year, the report’s summary suggests that whilst it does not seek to advise Parliamentary authorities which option to choose, it concludes that “a full move out is described by providing the best opportunity to mitigate risks, but the report recognises this would create logistical challenges”.
Under all scenarios work would be unlikely to start before 2020. Enough time to find suitable renovation insurance cover perhaps?
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