Mr. & Mrs. Obama make a Royal appearance at Buckingham Palace
U.S. President Barack Obama speaks to Britain's Queen Elizabeth during a State Banquet in Buckingham Palace in London May 24, 2011.

After a much mediatised first day of his state visit, Obama will today address MPs and peers in Westminster Hall giving his visit a much more political twist. Deputy Prime Minister Nick Clegg will also attend the meeting, where the state of the global economy, counter-terrorism the Nato-led operation in Libya, on-going recent developments in the Middle East and North Africa and the conflict in Afghanistan are expected to be high on the agenda.

After the talks, President Obama and Mr Cameron are expected to hold a joint press conference and attend a barbecue in the garden of No 10 Downing Street before heading to Buckingham Palace for a private lunch.

The focus on politics will however strongly come back as Mr Obama will give a speech on U.S. foreign policy at Westminster Hall.

The speech has been surrounded by much speculation, as sources close to the president have described it as being an "upbeat and optimistic" address. It is believed that Mr Obama will seize the opportunity as the first U.S. president to give an address to both Houses of Parliament, to affirm that the U.S. has no closer ally in the world than the U.K..

While the president gives his speech, his wife Michelle will travel to Oxford University where she is to host an open day for pupils from the Elizabeth Garrett Anderson School in north London. During the tour, Mrs Obama is expected to address the students and encourage them to apply for further education.

Mrs Obama first visited the school in 2009 and was close to tears when she told the pupils: "We are counting on every single one of you to be the best that you can be."

In the evening, the Obamas will give a dinner at the US ambassador's residence, Winfield House, for guests including the Queen and the Duke of Edinburgh.

This comes after both the U.S and British leaders both made efforts to ensure that their relations appear as close as possible, with pictures of the Cameron and Obama teaming up against students from a south London school at a game of table tennis being released.

Yesterday the president and his wife also laid a wreath on the Tomb of the Unknown Warrior in Westminster Abbey and met the newly married Duke and Duchess of Cambridge.

Later on, an evening banquet hosted by the Queen at Buckingham Palace in honour of his three days visit was also an occasion for the U.S. president to reiterate the bond that links the two countries.

He first spoke of the "rock solid foundation" of a friendship that "never rests", stressing that Britain had been America's "closest partner" since the horrors of 9/11 and added he wanted to "reaffirm the enduring bonds between our two nations and reinforce this special relationship".

He also quoted Winston Churchill's description of a "union of hearts based upon convictions and common ideals" adding that while the challenges had changed over time, "our adherence to those values have not", to which the Queen replied: "I firmly believe that the strength of our links and many shared interests will continue to ensure that, when the US and the UK stand together, our people and other people of goodwill around the world will be more secure and can become more prosperous."

President Obama clearly went out of his way to praise Britain, by also refering to it as the birthplace of the rule of law and the rights of men and women.

"While our challenges have changed since Churchill's time, when we fought together to preserve our very democracies, our adherence to those values have not. Our relationship rests on common language, common history, common adherence to the rule of law, the rights of men and women -- the very ideals born in this nation. And yet our relationship never rests"

He continued by praising the fact that solidarity is an important component of the countries relationship, especially after the support he said the U.K. had shown to America in the decade since 9/11 and also paid tribute to the UK's military forces for "standing shoulder to shoulder with the U.S. for decades".

Also, he went out of his way to praise his host, calling the Queen "a living witness to the power of our alliance and a chief source of its resilience".

The banquet was attended by the prime minister, his deputy - Nick Clegg - Labour leader Ed Miliband and former PMs Gordon Brown, Tony Blair and Sir John Major.

Other famous names among the 170 guests included former athlete and politician Lord Coe, actors Tom Hanks and Kevin Spacey, actress Helena Bonham Carter, entrepreneur Sir Richard Branson and London Mayor Boris Johnson.