Jim Knight, the Schools Minister, has signed a funding agreement for a new City of London academy. It gives the go-ahead for Islington Green School to be redeveloped to create the City of London Academy - Islington. The academy, which will open in September, is sponsored jointly by the City of London Corporation and City University London. Malcolm Gillies, vice-chancellor of the university, said the academy will "raise the aspirations of local students of all abilities". The two sponsors will provide £1 million each in funding.