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Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club, described how the chances of the interest rate being raised are "little more than zero" and suggested talk of further quantitative easing is also premature.
He said: "There are genuine concerns about the weakness of activity and those concerns are likely to win out over any worries about inflation."
In his opinion, the MPC will want to wait for some level of economic momentum to build before raising the borrowing rate.
Mr Goodwin predicted that the second half of the year should deliver stronger growth figures.
These comments were made in response to the latest Worldwide Property Group confidence tracker survey, which revealed a 20 per cent reduction in the number of people who think the base interest rate will be increased. The study was carried out in May.
Posted by Greg Secker
