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Currently £9.2bn a year is spent on the condition - less than a tenth of the NHS budget - despite one in four people experiencing a mental health problem each year.
The result is that an estimated three-quarters of people go without any help, with the taskforce's report acknowledging that services were so bad that lives have been "put on hold or ruined" and "thousands of tragic and unnecessary deaths" have been caused.
NHS England believes the strategy will help to ensure that another one million people receive support - whereas at the moment fewer than two million people do so.
It said the investment promised will help pay for:
An extra 600,000 people to get access to talking therapies for conditions such as anxiety, depression and stress
A screening programme to ensure more people with severe mental health problems get help for physical health conditions, such as heart disease and diabetes
Mental health teams to be put into all A&E units - currently only a minority have them
More support for pregnant women and new mothers - around one in five suffers from mental health problems
Nationwide access to community crisis care teams - only half the country has access to them
It said that together these measures would help reduce the demand on specialist inpatient wards in hospitals and therefore help tackle the much-criticised practice of sending people long distances for treatment.
Paul Farmer, the chief executive of the mental health charity Mind, who led the taskforce, said the strategy should act as a "landmark moment" for mental health care, which was currently "very patchy".
"We are saying to the NHS, to government, to industry, to local leaders and to the public that mental health must be a priority for everyone," he said.
While the extra funding was crucial, he added that some stigma around mental illness "still prevails, right the way inside the health service, as it does in society", and this needed to change.
NHS England boss Simon Stevens said he was "fully committed" to implementing the recommendations.
But Royal College of Psychiatrists president Prof Sir Simon Wessely warned it would take "sustained work" to end the "decades of inequality".
And Prof Sheila Hollins, of the British Medical Association, pointed out such promises had been made before.
"Those suffering from mental illness need to see these pledges fulfilled."