Passengers, unhappy with the shoddy and outdated service offered by the industry, understandably feel the increase is undeserved. The industry, meanwhile, is also dissatisfied and disappointed. It wanted a rise of HK$6, twice the level that has been approved.

Hong Kong taxis perform an important role in a city where only a minority drive their own cars. Their fares remain cheaper than other parts of the world. A 6km journey in London will cost two or three times as much. But the latest increase in fares, of up to almost 14 per cent, is substantial. It contributes to inflationary pressure. Passengers are entitled to receive something in return. The standards of service must improve.

The taxi industry – monopolised by wealthy licence holders rather than drivers – has, for decades, used its political clout to resist change. The result is a poor service that has failed to move with the times. No wonder the ride-hailing firm Uber remains popular, even though it is not legal. A plan to permit three franchises to operate a premium ride-hailing taxi service was years in the making, but opposed by the industry and ultimately scrapped in 2020, with the challenging economic situation cited as the reason.