JPMORGAN has stumped up more than £1million to help improve the education of young people in Bournemouth schools.

The banking company is funding a pilot project aimed at tackling the huge differences in attainment between children from low income families and their richer counterparts.

Less than a third of youngsters eligible for free school meals in the borough achieve the national benchmark of five GCSEs at A*-C grades, including English and maths.

The figure for those who do not qualify for free school meals is 61.7 per cent.

A total of 14 primary and secondary schools in the borough will benefit from intervention from education charities in the new Achieve Together initiative.

It will focus on recruiting and developing talented teachers and leaders to work in schools where the majority of pupils come from the country’s poorest homes.

Just 29.1 per cent of pupils who get free school meals gain the national benchmark standard of at least five A*-C grades, including English and maths, compared with 61.7 per cent of those who pay for their school meals.

Now a new initiative aimed at tackling the discrepancy between rich and poor has been launched in the borough thanks to a £1.1 million grant from JPMorgan.

Bournemouth is one of a number of areas in the country to take part in the Achieve Together initiative, being run by education charities Teach First, Teaching Leaders and Future Leaders.

New teachers and middle leaders will receive training and senior leaders will be provided for partner schools.

The pilot project will involve 14 primary and secondary schools in Bournemouth.

Last week it was revealed that children in the borough stand a lower chance of attending a school with a good or outstanding rating than in many other parts of the country.

Just 61 per cent of primary pupils attend schools with the top government inspection ratings, ranking the borough 121st out of 150. For secondary pupils the figure was 73 per cent, putting it in 66th place.

Cllr Nicola Greene, Bournemouth’s cabinet member for education and children’s services, said: “The aims of the Achieve Together initiative match the council’s commitment towards raising educational standards for all children within the borough’s schools.

“The financial investment from the programme will massively help towards transforming the educational achievements of children from disadvantaged backgrounds.”

Carol Lake from JPMorgan added: “We are delighted to support the Achieve Together initiative to unlock the talents and aspirations of children and young people from all backgrounds to ensure they have a fair chance to get ahead.”

JPMorgan’s funding will deliver a three-year school improvement initiative across Bournemouth, beginning in September 2013.