Billionaire businessman Philip Green has set out plans for a £10m retail academy to develop the next generation of business leaders.

The owner of the Arcadia Group, which includes the high-street store BhS, said the academy's 200 students would be aged 16 to 18 and be trained in "every aspect" of retail including marketing, design and finance.

Mr Green, who is also investing £1.25m in 50 specialist business schools, said he hoped other industries would follow his example of creating a "centre of excellence which will create the next great entrepreneurial talent".

Education Secretary Charles Clarke has backed the plans, calling the specialist schools initiative and plans for a national retail academy "historic".

Mr Green said: "We need more business colleges, generally. The whole area needs expanding. The curriculum in school needs to include business; it needs to include different subjects."

The specialist schools investment will fund half the £50,000 sponsorship each comprehensive school has to raise to bid for specialist status.