In the report presented to the cross-party Commons Finance Committee, the authors suggested a complete refurbishment would cost an estimated £29.2 million, however, if the problems aren't fixed altogether, the cost could amount to £40 million.
Officials acknowledged that it could cost as little as £4.9 million "to prevent the clock from failing", but encouraged that if the issues are tackled now, the likelihood of it costing as much as £40 million would be reduced. A full £29m fix would see the clock stopped for four months, but could be longer if the situation is not sorted soon.
"There are major concerns that if this is not carried out within the next two to three years, the clock mechanism is at risk of failure with the huge risk of international reputational damage for Parliament."
"In the event of a clock-hand failure, it could take up to a year to repair due to the scaffolding needed," the report said.