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The renovation, which began earlier this year, is now expected to cost around £60million, according to sources. MPs have demanded answers and have called for an “urgent” report to discover what has caused the costs to skyrocket.

GETTY FILE IMAGE Big Ben, pictured here on New Year's Eve in 2015, is a prominent feature of the London skyline

Tory MP Nigel Evans said: “If we can get this so wrong, it doesn’t bode well for the final cost of the full revamp of the palace.” Commons officials have not confirmed the price hike, simply claiming that they are “evaluating estimated costs”. The news has cast doubt on plans to renovate the Palace of Westminster, with estimated costs already believed to be around £4billion.

London landmarks simultaneously transformed into day and night Wed, March 30, 2016 Franck Matellini, 37, from Paris, took footage of some of Londons most famous landmarks, including Big Ben and the London Eye, to create an amazing split screen showing the city in light and dark simultaneously Play slideshow Caters 1 of 12 Amazing timelapse shots of London in day and night

The Public Accounts Committee (PAC) claim the historic building is in a state of “extreme disrepair” and warn the site could face a “catastrophic failure” if works are not carried out soon. The PAC report states: “The risk of catastrophic failure is high and growing with every month that passes: fire, water, penetration, sewage inundation, comprehensive electrical failure or some other mechanical breakdown are among the most likely causes. It must be repaired. “For a World Heritage site that is the home of the ‘mother of parliaments’, doing nothing is not an option. “The best value for money will be achieved by getting on with it. The Government should not delay any further in putting the proposal for a decision in principle before both Houses.

GETTY Repairs to the Palace of Westminster are expected to begin soon

“Without hesitation we recommend that the House swiftly proceeds to a decision-in-principle and that the decision is to pursue a full decant from the Palace whilst it is restored, renewed and made ready for at least another 150 years as the home of Parliament.” Earlier this year, it emerged that MPs and peers may be forced to vacate the historic building for up to six years so that restorative work can be carried out. One of the options put forward is for MPs move into a temporary debating chamber in the Department of Health's headquarters while peers move to the nearby QEII conference centre. Labour MP Meg Hillier, the PAC chairwoman, has urged officials to make a decision soon because further hold-ups could result in hugely inflated costs.

GETTY MP Nigel Evans says the costing error 'doesn't bode well' for the price of renovating the palace