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Cracked caulk on stairs?

I live in a right end of terrace. Stairs are up against the right exterior wall. Stairs ate pretty cracked and we've repaired the best we can from underneath them. It's stopped most of them moving except for a few at the bottom. Running along the edge of the stairs from top to bottom on the right hand side is some wood that the stairs slot into. Kind of like skirting going up the stairs. Above this its wallpapered. I've noticed the caulk between this wood and the wall is cracked. Why could this be? I am worried
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