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Frances will go head-to-head with The Shape Of Water's Sally Hawkins for Best Actress in a Leading Role, as well as Annette Benning (Film Stars Don't Die In Liverpool), Margot Robbie (I Tonya), Saoirse Ronan (Lady Bird).
Meanwhile, The Shape Of Water's Octavia Spencer has received a nomination in the Best Supporting Actress category, alongside Allison Janney (I, Tonya), Kristen Scott Thomas (Darkest Hour) Laurie Metcalfe (Lady Bird) and Lesley Manville (Phantom Thread).
The remaining nominee is American actor Timothee Chalamet for Call Me By Your Name.
In total, eight out of the 20 acting nominees are British, whilst UK films Paddington 2 and Film Stars Don’t Die In Liverpool have been honoured.
Three Billboards has also been nominated for Outstanding British Film alongside Darkest Hour, The Death of Stalin, God’s Own Country, Lady Macbeth and Paddington 2.
The film is also in the running for Original Screenplay, Best Cinematography and Best Editing.
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British movies such as Film Stars Don't Die In Liverpool and Paddington 2 have received more attention than at the big US ceremonies.
Nominations for the 71st annual ceremony were revealed by Game Of Thrones star Natalie Dormer and Black Mirror's Letitia Wright from London on Tuesday morning.
The two films will compete against Call Me By Your Name, Darkest Hour and Dunkirk in the coveted Best Film category.
However, Sally Hawkins was the only Brit to receive a nod in the leading actress category, for her turn in The Shape Of Water.
She will compete against Three Billboards' Frances Mc Dormand, Annette Benning (Film Stars Don't Die In Liverpool), Margot Robbie (I Tonya) and Saoirse Ronan (Lady Bird).