The fund will distribute money to local authorities, academy sponsors, charities and other groups that design innovative proposals to improve performance in the most challenging schools. Those bidding for funds will have to outline how their proposals will raise attainment. Bidders must also demonstrate how they will be held accountable for the success of their proposals.
Gove said: "The international evidence shows that we're falling behind other countries educationally, and we have one of the most unequal school systems in the developed world. That's why we need to press ahead with reforms that will raise standards for all children.
"This new fund builds on the success of President Obama's Race to the Top scheme. It will make schools and local authorities compete to help the poorest. Each project will have to meet tough criteria in order to be awarded funding, and bidders must prove their innovative, bold and rigorous approaches will support school improvement."
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