Members of Parliament will scrutinize the Scotland Bill, allowing Edinburgh to set income tax rates, stamp duty and the proportion of VAT raised in Scotland. However, the SNP has filed an amendment to the bill, which would provide Scotland with full fiscal autonomy.

MOSCOW (Sputnik) — Full fiscal autonomy for Scotland from the United Kingdom, as proposed by the Scottish National Party (SNP), would create dire conditions for the local economy, Secretary of State for Scotland David Mundell said Monday.

"It would be disastrous for Scotland, and even SNP politicians recognize that."

According to the secretary, should the amendment be adopted, Scotland would be left with a £7-10 billion ($10.8-15.4 billion) black hole in its public finances, since Scotland would lose the higher spending quota it enjoys under the Barnett formula.

“What the SNP do is ask for things that they don't really want. We'll make sure they don't get it because it's bad for Scotland and they'll then claim afterwards that they've been deprived of something,” he added.

The Barnett formula is a system that determines the public spending of Scotland, Wales and Northern Ireland, calculated partly on the size of each nation's population and partly on the devolved powers each nation has.

Despite the defeat in the September 2014 referendum on Scottish succession from the United Kingdom, initiated by the SNP, the party has since enjoyed rapid growth in membership and support.

The pro-independence SNP won 56 out of the 59 Scottish seats available at Westminster in the May 7 general election.