Business leaders in Coventry and Warwickshire have welcomed Labour leadership candidate Andy Burnham's pitch on devolved economic growth, but say the devil will be in the detail – and delivery.

Mr Burnham gave his first speech since throwing his hat into the ring to be Labour leader – and Prime Minister – and vowed to decentralise power away from Whitehall.

He promised to reform business rates, reinvigorate high streets and boost infrastructure and regeneration projects.

Corin Crane, chief executive of Coventry and Warwickshire Chamber of Commerce, said: "There were many aspects to Andy Burnham's speech that businesses will welcome but we have to remember that he's not Prime Minister just yet and, also, that it will take a huge amount of work to deliver what he's describing.

"On devolution, how that actually works in practice is going to be very interesting especially when not all parts of the country – including Warwickshire – are covered by a metro mayor.

"He's going to find very little disagreement from firms in Coventry and Warwickshire on business rates being reformed, on bolstering the high street and on giving infrastructure and regeneration projects the boost they need, but it will all come down to delivery.

"Andy Burnham also talked about improving public procurement which is, again, another welcome sentiment.

"But, from what businesses have told us in recent days, they are most concerned about seeing stability and a long-term plan in order for them to able to grow from a strong, consistent platform."

Shevaun Haviland, Director General of the British Chambers of Commerce said: "Firms need consistency, clarity and stability from policymakers, if business confidence is to be improved.

"Businesses will judge Andy Burnham's plans on whether they deliver the boost to investment, productivity and trade desperately needed to unlock growth. As our recent report outlined, government must always ask whether policy passes a 'growth delivery test' to encourage firms to invest and grow.

"It's crucial that the devolution agenda has local business at its heart and brings benefits to all parts of the UK.

"Our Chamber network completely understands how national ambition can be translated into local economic growth. We've long argued that more decisions affecting local economies, including transport, skills and infrastructure, should be taken closer to the communities they serve.

"Successful Chamber-led Local Skills Improvement Plans across England show the power of devolution to help address the challenges facing our economy. Creating greater parity between academic and technical qualifications is something business wholeheartedly supports.

"A pledge to improve the public procurement system is welcome, but it must quickly bring benefits to SME supply chains across the UK.

"Fiscal devolution must see money spent in the right way, to boost local growth. It must not mean further costs on business. BCC analysis shows government-imposed costs on SMEs have risen by more than 70 per cent in just 10 years.

"The difficult truth is, whoever leads the UK, the primary challenge remains the same – delivering growth. Business stands ready to work in partnership with any new Prime Minister to focus on that crucial task."