Lessons from South Korea: what would a hard Brexit mean for British manufacturers?

The UK government has proposed maintaining a 'common rulebook' with the European Union following Brexit, which would in principle prevent non-tariff trade barriers from developing. But if this proposal fails and the UK leaves without a deal, how would British manufacturers be affected? Robert Basedow draws lessons from the South Korean car industry, noting that manufacturers based outside of major regulatory regimes are not necessarily doomed to failure, but do face the extra costs of complying with different regulatory frameworks.