Some of the EU's largest companies are worried that a hard Brexit will cost them dear

Oliver Gill
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Volkswagen is one of the concerned companies listed in the report (Source: Getty)

A hard Brexit could hit some of Europe's largest companies by increasing their cost of funding.

A report by accountants EY revealed that the likes of Airbus and Volkswagen are worried about the fallout of Britain's exit from the EU, according to reports by Sky News.

Read more: A "hard Brexit" could undermine the very things driving GDP growth

The concern of the EU businesses is that a hard-Brexit would hit the UK financial services sector, forcing them to raise the cost of extending capital to companies on the continent.

It is thought to be the first detailed report on the sentiment of Eurozone-based corporates in reaction to a hard Brexit scenario.

Last week, the boss of pub giant Wetherspoon, Tim Martin, said that he felt Brexit will likely hit his EU suppliers hard.

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