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

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.