Meryl Streep in ‘The Iron Lady’ is bookies’ favourite for Best Actress Oscar

Streep's portrayal of Margaret Thatcher is hotly tipped

Meryl Streep has emerged as frontrunner to win the Best Actress Oscar for her portrayal of Margaret Thatcher in The Iron Lady.

Bookies have slashed Streep’s odds to evens, despite the nomination not being announced for another three weeks, according to The Guardian.

The 62-year-old’s potential rivals include Viola Davis for The Help and Michelle Williams for My Week With Marilyn. It would be a record 17th Oscar nomination for Streep, and if victorious would mean her third win. The last time was for Sophie’s Choice in 1983.

Her performance as the first female British Prime Minister has already been recognised by the Golden Globes and the New York Critics Circle. However, certain quarters of the Conservative Party have criticised Phyllida Lloyd‘s film for what they say is an unfair portrayal.

You can watch the trailer for the film by clicking on the video at the top of the page. The 2012 Oscars are awarded on February 26.