This comes after the US says it's aiming to pressure North Korea into dismantling its nuclear and ballistic missile programmes through tightened sanctions.
Donald Trump's team hosted American Senators at the White House for a classified briefing. They were told the administration wants a diplomatic solution - but is prepared to defend itself.
Lord Alton is a Christian and the co-chair of the All Party Parliamentary Group on North Korea.
He told Premier News Hour that North Korea is "drinking in the last chance saloon".
He said:" It's a ticking time bomb in many respects because they've been given so many warnings about trying to develop nuclear capability into ballistic missiles, trying to hold the world to ransom and it's been predicted that they will carry out the sixth nuclear test."
Lord Alton believes the best solution is one that does not involve military action and says China could play a big part in bringing a resolution.
He said: "They hold all the cards here and recently they've been playing some of those cards. They've stopped the export of oil into North Korea and that's leading now to long queues at petrol stations. That, in turn, may of course start to stabilise the regime or bring it to its senses.
"Historically of course, they've been North Korea's ally. But they too have felt threatened by their determination, not only to build nuclear capability, but also the way it has literally executed or sent into exile anyone who is close to China.
"So, China is in a different position than one it's been in previously, which is why we should do nothing to destabilise our current relationship with China."
Christian MP Fiona Bruce is also on the All-Party Parliamentary Group on North Korea.
She told Premier that military actions against North Korea would be unfair to its citizens who are already suffering.
She said: "For many people in the world, they look at North Korea and are concerned about the nuclear threat.
"The All party group, and me personally, have always said that taking military action against North Korea needs to be taken very seriously, and preferably not taken.
"The damage that would be caused to the suffering people in North Korea who are in no way responsible for the actions of their regime just could not be contemplated".
Foreign secretary Boris Johnson headed to New York for a meeting of the United Nations Security Council to discuss North Korea on Thursday.
Bruce says that for years the general public took a comedic approach to North Korea's leadership and is glad now people are taking it more seriously.
She said: "I'm personally concerned for the people of North Korea. They're people who are routinely imprisoned simply for speaking few words against the government and who have acts of torture and sexual violence inflicted upon them.
"We know girls if they try to escape are often trafficked or sold into prostitution. So there's a real prayer that's needed for the many people in North that don't have enough food to eat.
"Pray above all for the people of North Korea that there will be a regime change, but that it will not come through military conflict that we won't see so many of them lose their lives."
