Scotland tries for full fiscal autonomy, though London says measure has no chance. Photo courtesy of the Scottish government.

EDINBURGH, Scotland, June 15 (UPI) -- Scotland, which has said it could support its economy on oil and gas, needs full autonomy over its finances to reach its full potential, a deputy minister said.

Scottish Deputy First Minster John Swinney put forth a measure that would give full fiscal autonomy to the government in Edinburgh.


"The Scottish government believes we should move towards full fiscal autonomy as the best route to fulfill Scotland's potential," he said in a statement Monday.

Swinney's proposal calls for control over corporate tax, minimum wages and other fiscal governance.

The Scottish government ended 2014 by saying its economy was on pace to turn in its strongest performance in seven years as well as marking its second straight year of continuous growth. Swinney said the labor market in particular was strong.

Through fiscal year 2016, the government said it expects to see $7 billion in new infrastructure investment. Despite the mid-term growth expectations, the government said low oil prices may be a benefit in some economic sectors, but adds uncertainty to operations in the North Sea.

June 2014 oil prices about $100 gave Scottish independence seekers cause for elation. Scotland said it could draw on North Sea oil and gas revenues for economic vitality while drawing on renewable resources for power.

David Mundell, the British secretary of state for Scotland, said the measure has no chance of passing through debate at the House of Commons. The measure, he said, would cost Scotland about $15 billion if passed.

"That is not good for Scotland," he said. "That is why the government will stand up for Scotland and resist the amendment."