In a July 2016 interview with WalesOnline, Davies promised that Brexit would not reduce investment in Wales, and instead told the newspaper that "Wales must not lose a penny of the money that has historically flowed into Wales". His claim was later proven false after the referendum when his fellow Conservative, the Secretary of State for Wales Alun Cairns, confirmed that the UK Government would reduce the amount allocated for Wales (which the European Union had earmarked at £1.9 billion for the period 2014 to 2020).