Situated on Horse Guards Parade, the bullet and bomb-proof structure has been designed for easy disassembly and re-use while accommodating a debating chamber, public gallery and terraces.

The semi-transparent glass and steel dome, which would take 28 months to erect, is said to pay tribute to the great Victorian cast-iron glasshouses which precede it, notably the Crystal Palace and would serve as an alternative to an Allford Hall Monaghan Morris scheme to relocate parliament to Richmond House, Whitehall.

The news comes as the government looks for ways to slash the cost of the previously approved £4 billion restoration and renewal programme to bring the crumbling Palace of Westminster up to modern standards.

Speaking to The Times, Norman Foster said: “It saves a huge amount of money and time and is reusable. It showcases what we can produce as a nation.

“Everyone regards the relocation of parliament as a huge problem, but it also presents an incredible opportunity and I can’t see any downsides to our proposal.

“Horse Guards is next to 10 and 11 Downing Street and is far more secure than Richmond House.”