The UK’s annual celebration of musicians and albums, the Barclaycard Mercury Prize, has been running since the early ‘90s with previous winners including now-veterans of the scene like Portishead, Primal Scream and Roni Size.

The prize is back again this year with the shortlist for the 2011 Mercury Prize announced over night honouring deserving albums from the past year including those artists seen regularly on ITM like Metronomy, Katy B, James Blake and Jon Hopkins for his album with King Creosote, not to mention more alternative fare like Elbow and Everything Everything.

As reported by FasterLouder the bookies have immediately installed PJ Harvey and Adele as the favourites for the award at the short odds of 4/1, with Harvey joining Radiohead as a four-nominee for the prize and she could be the first performer to take the crown twice, while palatable grime-graduate Tinie Tempah is close behind the ladies with his Disc-Overy LP on 5/1 odds.

Rupert Adams from the William Hill bookmakers says that “This has been a year of musical excellence with these albums representing an eclectic range of styles from UK artists. This quality is reflected in the closeness of the odds we’ve given to the 2011 Mercury Prize Albums of the Year – every album here could be a winner.”

You can catch several of the nominated acts when they tour Australia in the coming months – James Blake and are Elbow at Splendour, Katy B is here for Parklife, and drowsy MC Ghostpoet has just been announced for the new música/TUMBALONG festival in Sydney.

2011 Mercury Prize shortlist with odds:

Adele 21 (Odds 4/1)
PJ Harvey Let England Shake (Odds 4/1)
Elbow Build a Rocket Boys! (Odds 5/1)
Tinie Tempah Disc-Overy (Odds 5/1)
Anna Calvi Anna Calvi (Odds 6/1)
Katy B On a Mission (Odds 6/1)
Metronomy The English Riviera (Odds 8/1)
Everything Everything Man Alive (Odds 8/1)
James Blake James Blake (Odds 8/1)
Gwilym Simcock Good Days at Schloss Elmau (Odds 10/1)
Ghostpoet Peanut Butter Blues & Melancholy Jam (Odds 10/1)
King Creosote & Jon Hopkins Diamond Mine (Odds 10/1)