Gavin Hewitt, chief executive of the Scotch Whisky Association, which represents the industry, stressed that Scottish-made whisky was competing in tough international markets where it was up against other whiskies and other spirits, from vodka to distilled rice.

BBC: Whisky tax 'could benefit Scots'

But he stressed that the UK - which is not a member of the eurozone - would not be taking part and it was his job to protect British interests as Europe evolved.

BBC: UK Politics

Mr Davies stressed that all EU programmes, which include the Structural Funds, Rural Development and Fisheries programmes, will work together to deliver sustainable benefits for people, businesses and communities across Wales.

BBC: Enterprise and Business Committee