A feasibility report claims the Palace of Westminster needs over £720 million of repairs to fix a slew of problems including asbestos and fire safety.

The study labelled the building, which was built in 1840, as dilapidated and that its owners would be forced to demolish if it it were not Grade One listed.

The report states: “If the Palace were not a listed building of the highest heritage value, its owners would probably be advised to demolish and rebuild.”

The document, entitled Restoration And Renewal Of The Palace Of Westminster, says the building problems have built up over a long period of time.

It states the main reason for this is carrying out full renovation work inside the Palace while Parliament is continually occupied.