You can read a few of my thoughts on the Spending review announcements over on a-n news, should you wish. Exec summary: really well done and thank you Arts Council and others, but let's treat Osborne's warm words with caution and not forget the impact of other parts of the budget. I don't explicitly say it, but I think it's probably impossible to have a genuinely healthy arts and cultural sector (in the broadest sense of that word healthy) in an increasingly inequitable society, which is what the other parts of the settlement will contribute to.
Indeed, some might argue the arts element of funding contributes to that inequity, especially in light of reports confirming the way people from middle class backgrounds dominate the arts. (Lots to say on that, no time.) I know many, many of the people and organisations that will benefit from the decent 'result' work to create opportunity, far more than the cynics believe, so I'm glad about that element of Osborne's slight of hand at least.