First Look at Meryl Streep as 'The Iron Lady'

Meryl Streep in 'The Iron Lady' (L) vs. the real Margaret Thatcher (R).

The first picture has emerged of Meryl Streep as Margaret Thatcher in upcoming biopic, 'The Iron Lady.'

The versatile Oscar-winning actress has transformed herself for a role once again, this time taking on Britain's divisive first female Prime Minister, Margaret Thatcher.

Thatcher, a Conservative politician, earned her moniker 'The Iron Lady' during her reign as PM from 1979 to 1990 for her policies such as restricting trade union power and going to war over the sovereignty of the Falkland Islands.

Reports currently circulating say that the movie looks at the actions taken by Margaret Thatcher as British PM during the days leading up to the Falklands war in 1982. It is also said to be an intimate and slightly seductive portrait of the woman once referred to as "Margaret Thatcher, Milk Snatcher," for her political decision to reduce free milk given to children in schools.

Streep, renowned for her transformational abilities in films such as 'Julie and Julia,' is depicted in 'The Iron Lady' photograph with Thatcher's trademark hairstyle and masculine power suit, softened by jewellery and make-up.

Jim Broadbent stars as Denis Thatcher, Margaret's ever-present husband, with the film directed by Phyllida Lloyd, whom Meryl also worked with on 'Mamma Mia!.'

Whilst Meryl will undoubtedly turn in a well-crafted performance, it appears that the British public is not happy with the choice of an American actress for the role. It appears as though public favour is with Dame Judie Dench and Dame Helen Mirren, although given their track records for playing queens, perhaps that's exactly why they chose an actress from across the Atlantic - to minimise confusion.

'The Iron Lady' is currently being filmed on location in the UK, with no known release date.