Final answer:
Option (1), The Palace of Westminster functions as the chambers for the United Kingdom's two legislative bodies, playing a critical role in the governance of the country.
Step-by-step explanation:
The function of the Palace of Westminster is to serve as the chambers for the United Kingdom's two legislative bodies: the House of Commons and the House of Lords. As a core component of the UK's parliamentary system, it is where these bodies convene to carry out their legislative functions such as making laws, representing constituents, and overseeing other parts of government. While the Palace of Westminster is indeed an architectural symbol and a historic site, its primary role remains to house the UK Parliament. Furthermore, the Palace houses the iconic clock tower of Big Ben, which is a local landmark and serves as a clock for the city of London, but not for all of England.
Given its significance in the constitutional monarchy of the UK, where the monarch serves mainly as a figurehead and the actual political power lies with the elected and appointed members of Parliament, the Palace of Westminster plays a crucial role in the governance and administration of the country. This building has been central to the evolution of democratic governance in Britain, reflecting the shift from royal to parliamentary sovereignty.