Problem with URL encoded content within {html}

I'm writing some HTML documentation which mixes up code examples and actual formatting. I've found that is a small problem with the

{html} macro, but I'm finding that URL encoding doesn't work
(<b>) and gets interpretted as an actual <b> tag. I realise that the {html}

macro is probably doing some encoding of it's own anyway, so this is probably really tricky to fix. Perhaps note this in documentation?