The first half of The Iron Lady is a depiction of a senile Margaret Thatcher that understandably annoys her family and members of the British Conservative Party.
The second half is a collection of sketches showing several passages of Mrs. Thatcher political career, masterfully performed by Meryl Streep. You need some basic knowledge of British History and politics to get a good grasp of this part of the movie.
The Iron Lady is just one more average movie, but it is likely to get several Oscars given the well-known American fascination with British accents.
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