http://www.bbc.co.uk/iplayer/episode/p03g89n5/this-world-the-great-chinese-crash-with-robert-peston
I'd like to draw your attention to the quote at 26:45 to 27:15.
Peston: <Note potentially dangerous UK bank exposure to bad debts in China. Waffle... question...>
Osbourne: "<Waffle about China trading...> We're also got very good regulators and a tough system at the bank of England that make sure, that're constantly checking, y'know, that we've got our house in order, that we've got our economy secure."