Mr Obama's short speech lasted only around four minutes. He quoted Churchill and talked of a "union of hearts based on common convictions and ideals". He said the two countries can have "confidence in the future" thanks to their continued shared partnership and ideals. He thanked Britain for standing "shoulder to shoulder" with America since 9/11.
She said: “Your visit to this country inevitably reminds us of our shared history, our common language, and our strong intellectual and cultural links.
“It also reminds us that your country twice came to the rescue of the free and democratic world when it was facing military disaster.
“On each occasion, after the end of those destructive wars, the generosity of the United States made a massive contribution to our economic recovery. Today the United States remains our most important ally and our two nations contribute to the security and prosperity of our peoples, and of the world, through shared national interests.
Mr Obama takes the stage now and thanks The Queen for her "warm friendship". The President says it's a "great honour" to be in this "great country" to "reinforce the special relationship.
The Obamas also met the Duke and Duchess of Cambridge before being taken on a tour of the Buckingham Palace picture gallery, where Mr Obama was shown letters and artefacts charting Britain’s loss of the American colonies.
He peered over to look at a handwritten manuscript by George III from 1783 in which the King proclaimed: “America is lost.
Mr Obama joked: “That was only a temporary blip in the relationship.”
He was then shown a photo of HMS Resolute, timbers from which have been recycled for use in the White House. “This is now my desk in the Oval Office,” he said. “I think we got a pretty good deal out of that.
Security for the presidential visit is ultra-tight – and even while they’re staying at Buckingham Palace the Obamas are taking no chances.
They have brought their own bomb- and bullet-proof windows – installed in the Belgian Suite at the Palace.
In a packed day, Mr Obama also met David Cameron at Downing Street before they visited a South London school.