Barclays Bank has confirmed that it is to offer financial assistance to England's new academy and frees schools.

The bank has announced that it will offer £1 million to groups that want to set up free schools, while it has also pledged to invest £15 million in money management courses.

Additionally, Barclays said that it will offer work experience to 3,000 pupils aged 16 to 18 from academies and free schools.

Antony Jenkins, chief executive of Barclays retail and business banking, described the move as a "sizeable commitment".

"Barclays is supporting free schools and academies because we want to boost financial skills for young people," he commented.

"We really do believe in the power of education to create social mobility, to create powerful effects in people's lives and to create economic growth, which of course is important to us as a bank."

News of the investment was announced by education secretary Michael Gove at an academy in central London.