Michael Gove, the Secretary of State for Education, has announced plans to double the number of top teachers in challenging schools.
The Teach First scheme will be expanded into secondary schools across the whole country, and the new Teach First Primary programme will also receive extra support.
The grant to the successful charity will benefit tens of thousands of children. It will also enable Teach First to carry out research on how to attract more top maths and science graduates going into teaching.
Michael Gove said it is unacceptable that just 45 pupils out of 80,000 on free school meals made it into Oxbridge last year.
"Opportunity has to become more equal, and we are absolutely committed to spending more on the education of the poorest children", he said. "Our priority is to deliver robust standards and high quality teaching to all, whatever their background".
"To do this we must attract highly talented people into education, because the quality of teachers has a greater influence on children's achievement than any other aspect of their education."
In light of the public finances inherited from the previous government, Gove has also announced a complete overhaul of capital investment in England's schools.
He said it would be irresponsible to carry on with the Building Schools for the Future programme, given that it had been characterised by "massive overspends, tragic delays, botched construction projects and needless bureaucracy".