Published by Jamie JemmesonThere is unlikely to be an increase in the base rate of interest this month, one economic forecasting group has predicted.Economic data remains weak and risks are still "skewed to the downside", said senior economic advisor to the Ernst and Young ITEM Club Andrew Goodwin.As a result, there is "virtually no chance" of the base rate rising above its current historic low of 0.5 per cent, the expert said.Mr Goodwin added that it is likely the Bank of England's Monetary Policy Committee will want to see firm evidence of a stable recovery before it opts to raise rates.He said the ITEM Club is holding its call that a rise will come in November.However, "there is more chance of the first rise coming later than November than before," he warned.The base rate has remained at 0.5 per cent since March 2009. This month's decision will be announced on June 9th.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site