The clock on the tower that houses Big Ben could grind to a halt if urgent repairs costing just over £29 million are not carried out.
The report to MPs outlined the risk to the clock on the Elizabeth Tower and said: “The clock has chronic problems with the bearings behind the hands and the pendulum. Either could become acute at any time, causing the clock to stop — or worse.”
A source close to the committee told the Mail on Sunday that some MPs had taken the threat of something “worse” to refer to the hands falling off. The four hour hands are made of gunmetal, are 2.7m (9ft) long and weigh 300kg (47 st).
Repairs could take a year and a full refurbishment would mean the clock being stopped for four months. Previously the longest the clock has been stopped was 26 days — spread over nine months — when the clock needed repairs in 1976.
The report, considered by the Commons finance committee, said: “There are major concerns that if this is not carried out within three years, the clock mechanism is at risk of failure.”
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A refurbishment project would also propose to create a visitor centre with a lift so that visitors did not have to climb the 334 steps to the top of Elizabeth Tower, which houses the clock and the great bell known as Big Ben.