The Public Accounts Committee has backed plans to move out of the Palace while the multi-billion pound repairs are delivered by contractors.
The move would see both Houses fully vacate the World Heritage Site while the project is completed over an estimated six years. Costs for the scheme are estimated to be £3.5 billion or, with above a like-for-like replacement, £3.9 billion.
In addition, the Committee concludes the Palace is in a state of serious disrepair and the risk of catastrophic failure is high and growing.
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Meg Hillier MP, Chair of the PAC, said: "The Palace of Westminster is in urgent need of repair and major work will be required to make it fit for use by Parliament and the public for generations to come.
"Delaying a decision on how that work should be carried out will only add to the costs and risks. In our view that decision should be to endorse a full decant. This is our best chance to keep costs down, ensure safety and complete the work on this historic building as quickly as possible.
"The longer the House of Commons spends mulling new or alternative options, the greater the chance that public money is wasted.
"Clearly there are many details to be agreed and difficult choices will need to be made as restoration and renewal progresses. Effective oversight and clear communication will be essential to its success.
"This will not be Parliament's last chance to scrutinise this complex and challenging project and the Public Accounts Committee will be watching costs closely to ensure taxpayers get the best deal."
(LM/JP)
