Plans for Margaret Thatcher statue in her hometown of Grantham unveiled Margaret Thatcher grew up above her father's green grocer's shop in Grantham, South Lincolnshire It is likely the statue will be placed outside Grantham Museum next to a sculpture of Sir Isaac Newton Members of public to choose between two designs which have been released She was the greengrocer's daughter who went on to become one of the most celebrated - yet divisive - Prime Ministers of all time. Now Margaret Thatcher is to be honoured in her hometown of Grantham, Lincolnshire, with a new statue following her death earlier this year. Mrs Thatcher can be seen holding her famous handbag in new artist's impressions of what the monuments will look like. The Iron Lady: One of the plans shows Margaret Thatcher clutching her famous handbag Two of the digital designs show Mrs Thatcher posing with her trademark handbag Another design shows Margaret Thatcher in a more relaxed pose, sitting down. Members of the public have the chance to vote on which design they prefer Mrs Thatcher's famous handbag in one of the designs which has been put forward Two of the proposed designs depict the Iron Lady standing upright, clutching her famous bag, while the third portrays her in a more relaxed pose sitting down. One of the ideas includes having discs around the base of the monument, engraved with Mrs Thatcher's most famous quotes. It has not yet been decided which design will be used, nor where the statue will be placed in the town, but the designs show it standing metres away from a sculpture of Sir Isaac Newton who was educated in Grantham and brought up in nearby Woolsthorpe Manor. The Grantham Community Heritage Association, the charity which funds Grantham Museum, announced plans to raise money for the statue earlier this year. The project aims to raise £200,000 with at least half of the cash going towards museum renovations and exhibitions which celebrate Mrs Thatcher's achievements. Helen Goral, Grantham Museum chairman, said the artist's impressions would give people an idea of how the 'historic project' could look. She said: 'We are releasing three designs just to give people an opportunity to discuss them really. It's always going to be a controversial subject - people will have something to say. 'I think it's important for Grantham that people embrace its heritage and we have got to do something good for the town. Mrs Thatcher lived in Grantham with her family before pursuing a career in politics. She once said could never have reached No. 10 Downing Street if it weren't for her upbringing and schooling in the South Lincolnshire town Mrs Thatcher grew up above her father's corner grocer's shop in Grantham before taking on the world of politics Local residents can have their say on which of the designs they prefer by visiting Grantham Museum's website. It has not yet been decided where the statue will be placed in the town Mrs Thatcher's statue could be placed outside Grantham Museum and just metres away from a sculpture of Sir Isaac Newton, who was educated in the town and brought up in the nearby Woolsthorpe Manor The designs include discs engraved with Mrs Thatcher's most famous quotes Whether you agree with her politics or not, Mrs Thatcher was the first female prime minister of this country and the longest serving (of the 20th Century). 'Since her death there's been quite a significant number of visitors to the museum. We get a lot of international visitors and they are amazed Grantham doesn't have anything substantial to recognise where she comes from.' Margaret Thatcher (right) pictured with her family including father, Alfred Roberts, who had a grocer's shop in the town of Grantham But proposals for the statue have been met with controversy, with some suggesting the need for a plinth to protect it from vandals. A £150,000 statue of Baroness Thatcher which was displayed in Guildhall Art Gallery, London, was decapitated in 2002. The drawings will be available to view within the museum and online at www.margaretthatcherstatue.org from today, with people encouraged to comment on which design they like best. There is already a bronze sculpture of Mrs Thatcher in the Houses of Parliament. Miss Goral added: 'We have an advisory panel in place that, along with the sculptor, will advise on specifics of pose. These impressions are to give the public an indication of what it will look like in situ. They are to be used as a basis of discussion. 'It's a hugely exciting stage in the project and one that we couldn't have achieved without support from the local community and further afield. 'The opportunity for Grantham to embrace it's rich heritage and exploit it for the good of the town is something that should be welcomed.' Margaret Thatcher became MP for Finchley in 1959, and was the Conservative Prime Minister between 1979 and 1990. The school that helped propel the Iron Lady to No 10 was yesterday awarded Grade II-listed status by Heritage Minister, Ed Vaizey. Mrs Thatcher, who attended Kesteven and Grantham Girls' School between 1936 and 1943, said she would not have made it to Downing Street 'but for this school'.