LONDON, May 24 (Reuters) - Bank of England Governor Andrew Bailey said on Monday that he does not see long-term implications from a pick-up in inflation which the BoE expects this year as the economy emerges from the coronavirus pandemic. “The Monetary Policy Committee judges that these transitory developments should have few direct implications for inflation over the medium term,” Bailey said in an annual report to parliament’s Treasury Committee. Bailey described public inflation expectations as “well anchored”. The BoE forecast this month that inflation would rise above its 2% target to 2.5% by the end of this year, before slowly falling. (Reporting by Michael Holden) Our Standards: The Thomson Reuters Trust Principles.