I do not think it means what you think it means

From an opinion piece on Lib Dem Voice a year ago, concerning the Lib Dems' and Tories' excellent proposals on schools. (My highlighting.)

Both Cameron and Clegg have made it clear that these schools would not involve academic selection (indicating a return to grammar schools) or be able to charge a top up fees (indicating the introduction of school vouchers). Both leaders are right to do so. Taking either or both those options would see an end to the meritocratic basis on which education is provided: state funding in education should go to all, regardless of ability, and shouldn’t be used to help the rich gain superior education.

Hm. Saith Wiki:

Meritocracy is a system of a government or other organization wherein appointments are made and responsibilities are given based on demonstrated talent and ability.

So let's try this again: academic selection, which is the awarding of school places on the basis of talent or ability, is anti-meritocratic. Uh-huh…