The rise in standards of education in the UK is having a positive impact on the UK economy, according to new research from the Department of Education.

Since 2010, the increase in the number of pupils achieving good GCSE grades has added 1.3 billion to the nation's economy.

Described as a "landmark study", the paper showed that students who get 5 A* to C grades for their GCSEs can add £60,000 to an "individual's lifetime productivity".

Education secretary Nicky Morgan lauded the findings, saying that the coalition government's plan for education has clearly been working.

"This [study] confirms the rise in pupil success is not only benefitting young people themselves but is also a valuable part of our long-term economic plan," she continued.

"800,000 more pupils are in good or outstanding schools and thousands more are getting solid GCSE grades - a testament to the hard work of schools and teachers."

Some of the wider ideas the government has for continuing to transform education includes boosting the quality of qualifications by "toughening up exams" and intervening in failing schools.

With regards to the latter, the strategy will involves "pairing up" these institutions with sponsor groups that have successfully turned around other failing schools.

Further plans for raising the standard of education by pumping billions of pounds in helping disadvantaged youngsters through the pupil premium and encouraging more talent to enter the profession.

This is already happening. The recent annual initial teacher training census showed, for example, that more graduates with first-class degrees are signing up to train to teach.

Speaking last month, Charlie Taylor, chief executive of the National College for Teaching and Leadership, said: "It is great news that we continue to see the quality of new entrants into teaching increasing year on year, with levels of trainees holding a first-class degree at an all-time high."