BoE Bailey says 75 basis points is not the new norm for rate hikes

Bank of England stability report

LONDON (Reuters) - Bank of England Governor Andrew Bailey said the three-quarters-of-a-percentage point increase in interest rates announced by the central bank on Thursday was not setting a precedent for future changes in borrowing costs.

"The fact that we've 75 (basis points) today, nobody should read into it that's the new norm," Bailey told Bloomberg TV in an interview.

He also said there was some evidence that labour demand was beginning to slow in Britain.

(Writing by William Schomberg, editing by Andy Bruce)