A process for producing liquid hydrocarbon products from a solid lignocellulose containing biomass feedstock, said process comprising the steps of: a) providing in a first hydropyrolysis reactor vessel a first hydropyrolysis catalyst composition, said composition comprising one or more active metals selected from cobalt, molybdenum, nickel, tungsten, and iron on an oxide support, wherein at least a portion of the active metals are present in fully reduced metallic form, wherein the term 'fully reduced metallic form' represents a form of metal in which the metal atom is present in zero oxidation state in a cluster of metals on the catalyst support and at least 30wt% of the active metals are present in fully reduced metallic form; b) contacting the solid biomass feedstock with said first hydropyrolysis catalyst composition and molecular hydrogen in said first hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C and a pressure in the range of from 0.50 to 7.50MPa, to produce a product stream comprising partially deoxygenated hydropyrolysis product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; c) removing said char and catalyst fines from said product stream; d) hydroconverting said partially deoxygenated hydropyrolysis product in a hydroconversion reactor vessel in the presence of one or more hydroconversion catalyst and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step a), to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, H 2 O, CO, CO 2, hydrogen and C 1 - C 3 gases, wherein the term 'substantially fully deoxygenated' is used to describe materials in which at least 90wt% of oxygen present in the original lignocellulose containing biomass has been removed. a) providing in a first hydropyrolysis reactor vessel a first hydropyrolysis catalyst composition, said composition comprising one or more active metals selected from cobalt, molybdenum, nickel, tungsten, and iron on an oxide support, wherein at least a portion of the active metals are present in fully reduced metallic form, wherein the term 'fully reduced metallic form' represents a form of metal in which the metal atom is present in zero oxidation state in a cluster of metals on the catalyst support and at least 30wt% of the active metals are present in fully reduced metallic form; b) contacting the solid biomass feedstock with said first hydropyrolysis catalyst composition and molecular hydrogen in said first hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C and a pressure in the range of from 0.50 to 7.50MPa, to produce a product stream comprising partially deoxygenated hydropyrolysis product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; c) removing said char and catalyst fines from said product stream; d) hydroconverting said partially deoxygenated hydropyrolysis product in a hydroconversion reactor vessel in the presence of one or more hydroconversion catalyst and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step a), to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, H 2 O, CO, CO 2, hydrogen and C 1 - C 3 gases, wherein the term 'substantially fully deoxygenated' is used to describe materials in which at least 90wt% of oxygen present in the original lignocellulose containing biomass has been removed.