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Oil c/h or electric rads?

Hi
I currently have an old Worcester Danesmoor 20/25 oil boiler servicing 11 radiators in my 3 bed semi and during the last 12 months I have used approximately 1000 litres of oil. I recently applied for a grant for some disabled adaptations to be done to the house for my daughter. Part of the grant work is to replace the outdated boiler and to move/remove the immersion heater in the bathroom. As the price of oil is increasing at a rate of knots I asked if an electric boiler would be cheaper to run. His suggestion was to replace the water radiators with independently controled electric ones and to move the immersion heater into the loft and having no boiler at all. The other option is to install an oil condensing boiler, leaving all the radiators as they are and completely removing the immersion heater.
Which in you opinion would be the better option for keeping the monthly bills down?
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