The new deal for the BBC in today's budget. Good for the corporation? Good for the audience?

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In today's budget, the Chancellor George Osborne announced that responsibility for the policy and delivery of free TV licences for the over 75s is to be shifted from the government to the BBC - at a cost of more than half a billion pounds. To balance that, says the BBC's Director General Tony Hall, the government has committed to let the licence fee increase by inflation; to close the so-called catch-up loophole which permits viewers to watch TV without a licence; and to return the ring-fenced money from the licence fee which is currently being used to support broadband roll-out. Is it a good deal for the audience and the BBC? Does it mean cuts or continuity? We investigate.