LONDON, July 1 (Reuters) - Bank of England Governor Andrew Bailey said on Thursday it was important not to over-react to a rise in inflation that was likely to prove temporary. “It is important not to over-react to temporarily strong growth and inflation, to ensure that the recovery is not undermined by a premature tightening in monetary conditions,” Bailey said in his annual Mansion House speech. Reporting by Andy Bruce Editing by William Schomberg Our Standards: The Thomson Reuters Trust Principles.