CONFIDENTIAL
(f) Although households might not just at the time welcome additional taxes, those that have been worst hit by inflation and the recession are unlikely, in any event, to fall within the tax net (very few pay income tax and the government would never be likely to consider indirect taxes on necessities) yet they are the most likely candidates to benefit from increased government spending; at the same time the business community appear to have fared very well in Hong Kong even in recent years (paragraph 9 and ?4), and it is hardly likely to be unable to afford higher taxes or to consider 'pulling-out'.
Economists Department
FOREIGN AND COMMONWEALTH: 'OFFICE
October 1975
CONFIDENTIAL
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