BAFTA Nominations Are Revealed - VIDEO
US actress Streep is up for best actress for her portrayal of the former Prime Minister.
British actress Tilda Swinton is also up for an award for her part in We Need To Talk About Kevin, alongside Viola Davis for The Help, Bernice Bejo for top nominated film The Artist, and Williams for her role in My Week With Marilyn.
Streep has already won a Golden Globe for her role in The Iron Lady, and is tipped for an Oscar.
Silent film The Artist has scooped the largest number of nominations for the Orange British Academy Film Awards with 12, while cold war thriller Tinker Tailor Soldier Spy with 11, including a leading actor nod for Gary Oldman.
VIDEO: Click the play button to watch the nominations being read out.