Darren Jones has ruled himself out of running for the Labour leadership after a conversation with Andy Burnham.

Speaking to Sky News, the chief secretary to the prime minister said he had been “reassured” about Burnham’s economic plans after their conversation on Tuesday.

Asked whether he would stand himself, Jones said: “I’m not. And, look, I’m flattered by the support from colleagues, whether MPs or other important stakeholders in the party, but, look, it’s not something that I’m going to do.”

He urged Burnham to set out more of his economic policy to reassure Labour MPs, saying there were “upwards of 100 MPs who have expressed concerns either around a contest or economic policy, or who were just feeling pretty depressed off the back of Keir Starmer resigning”.

He added: “My last conversation with Andy Burnham was to say, ‘look, MPs are asking me to stand. I’m not going to but they’re asking me to stand for a reason, and that’s because they want you to set out more about your economic policy’.”

Jones also appeared to warn Burnham against making Ed Miliband chancellor as he set out “tests” for any potential occupant of No 11.

Asked for his view of Miliband as chancellor, Jones said: “I’m not going to get into personalities.”

But setting out his “tests” for who take on the role, he said: “I think the next chancellor needs to be able to have a clear view about the political economy and understand how the Treasury works.

“I think they need to have an important relationship with the prime minister, because, quite frankly, in many circumstances the chancellor in the Treasury is more powerful than the prime minister in Downing Street.

“So, you have to have someone that’s going to enable the delivery of the prime minister’s priorities and not try to control the prime minister. And that relationship is really critical.

“You also need a chancellor that can reassure the markets, reassure the trade unions and reassure the parliamentary Labour party, and by extension the public.”

Asked whether Miliband “falls short” of his tests, Jones said: “I will let you mark those tests, but those are the tests I think need to be met.”