"This is a tough settlement, but it's also a settlement that delivers certainty and stability for the BBC and licence fee payers through to 2016/17. It reflects the centrality of the licence fee in securing and safeguarding public service broadcasting. We recognise the importance of securing such a settlement at such an unprecedented time".
Sir Michael Lyons, Chairman of the BBC Trust
Today Chancellor George Osborne unveiled details of the Spending Review in the House of Commons. Above is a quote taken from a statement from the Chairman of the BBC Trusts in response to the announcement of a new licence fee settlement.
You can read the Chairman's statement in full on the BBC Trust website.