What could trigger a fiscal crisis in the UK?

Many of the conditions which have led to fiscal crises in the past are now in place. This does not mean a fiscal crisis in the UK is imminent or inevitable. The missing ingredient is a trigger. If a UK fiscal crisis does erupt, it’s as likely to come from a change in perceptions or personnel as economic data or policy. This underlines the need for the government to continue to commit to fiscal discipline to keep the bond market onside.