LONDON - The University of Liverpool announced Wednesday it had received approval from the Department of Education to establish a specialist maths school to provide world-leading maths education for young people with a passion for mathematics.

Government ministers hailed the announcement that the new mathematics school would be the first of its kind in northern England and only the third in the country following the opening of similar schools at King's College London and the University of Exeter.

The new school, aimed at pre-university age students, will also look to address the gender imbalance that exists in the study of further mathematics.

Minister for the School System, Lord Theodore Agnew, said: "We want more leading universities to open maths schools and offer broader outreach in their region. This will give even more young people the opportunity to excel in maths, providing them with the knowledge and skills for future success."

Agnew said the University of Liverpool, which is creating the new school, will be known as the University of Liverpool Mathematics College (ULMC) and will open in 2020.

The announcement came on the day the British Parliament hosted an event at Westminster for northern universities.

The Chief Secretary to the Treasury Liz Truss said: "We are hosting northern universities in parliament because we know fewer students in the north of England study maths compared with the south, and we want to change this."

"Maths powers our economy. Studying it to A level and beyond could add around 10 percent to the future earnings of students, putting more money in their pocket and giving them more job opportunities."

In addition to giving gifted mathematicians the chance to boost their skills and learn from some of the best minds in the country, the school will also provide professional development programs for maths teachers throughout the region.

Professor Dame Janet Beer, vice-chancellor of the University of Liverpool, said: "In today's global economy it is essential that the UK develops the potential of our most able maths students and this initiative will help respond to that challenge."

A spokeswoman at the University of Liverpool said: "Maths is one of the most in-demand skills in the labor market and the Royal Society has outlined maths as the key skill required by employers by 2030. It is also already the most popular subject at A level, with almost over 84,000 pupils choosing to study it. This is an increase of 20 percent since 2010."