Billy Elliot is based on a true story to a certain extent. It incorporates real elements but may have fictionalized parts to enhance the drama and entertainment value.
Billy Elliot is indeed rooted in truth. The film takes elements from real people and situations to create a compelling narrative. Although some artistic liberties might have been taken for cinematic purposes, the core essence is true.
I'm not entirely sure who Laura Elliot in Fantastic Fiction is. It could be that she is a relatively unknown figure in the Fantastic Fiction community. It might be worth looking into the works or sections within Fantastic Fiction that are associated with her name. It could be a pen - name for an author, or a character that has a specific role in a particular story or series within the Fantastic Fiction world.