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Richard Hughes, chair of the Office for Budget Responsibility, is giving evidence to the Treasury committee. There is a live feed here.

Hughes started by telling the committee that he wrote to the chancellor earlier this year to say that, when his five-year term ends later this year, he would like to have a second term in office.

We are of course negotiating an economic deal which will, I hope ... mitigate the tariffs.

The US is our closest ally. Our defence, our security, our intelligence are bound up in a way that no two other countries are.

So it's obviously in our national interest to have a close working relationship with the US, which we've had for decades, and I want to ensure we have for decades to come.

We are obviously working with the sectors most impacted at pace on that.

Nobody wants to see a trade war but I have to act in the national interests.