The Waterways Minister, in his meeting with waterways stakeholders (see Will's report) stated that he expected BW's funding settlement to be based on Flat Cash. This would mean that the amount would remain roughly the same, with no increase to allow for inflation.
If this were to prove correct, it would clearly be better than the deeper cuts that some had speculated about.
However, it would still be a cut in real terms, on top of the cuts made over the last year. It would do nothing to reduce the maintenance backlog that is now increasing, with BW having put off some of the repairs and maintenance it had planned this winter.