The King’s Speech receives 12 Oscar nominations

As expected, Colin Firth is up for Best Actor for his role as the stammering King George VI.

The 50-year-old is widely expected to win the gong although he has strong competition from James Franco, Javier Barden, Jesse Eisenberg and Jeff Bridges.

Meanwhile, the British historical drama is also in the running for Best Film with the likes of The Social Network, Black Swan, The Fighter, Inception and 127 Hours.

Since The King's Speech was released earlier this month, it has taken millions at the UK box office, is the most nominated film at the BAFTA's and won Colin Firth Best Actor at the Golden Globes.

Not far behind the King George VI movie is Joel and Ethan Cohen's Western remake, True Grit, with ten nominations. The movie is yet to be released in the UK.

Meanwhile Facebook film, The Social Network, which swept the board at the Golden Globes, is nominated for eight Oscars.

Christopher Nolan is up for Best Picture and Best Screenplay for Inception while Christian Bale is nominated for Best Supporting Actor in The Fighter, for which he won a Golden Globes earlier this month.

Fellow Globe winner Natalie Portman is up for Best Actress for the ballet thriller Black Swan. She will go head-to-head with Annette Bening, Nicole Kidman, Jennifer Lawrence and Michelle Williams.

The 2011 Academy Awards will be held in Los Angeles on 27 February.