According to the BBC News site,

"In a letter to Mr Whittingdale, BBC Trust chairman Rona Fairhead said the Trust accepted the decision "although we cannot endorse the process by which it has been reached".
"We are disappointed that [licence fee payers] have not been given any say in the major decisions about the BBC's future funding," she said.
"However, we accept that those decisions now set a clear financial framework, subject to the terms... for a charter review process that will focus on what the BBC provides in return for its funding. We will want to make sure the public are at the centre of that debate.""

The same page also reports on the BBC's future funding arrangements.
"Cash Flat" is the description.