Correct.
At 50% generating efficiency a 3:1 heatpump uses about 50-70% of the equivalent fossil fuel burnt in a boiler.
The actual costs of using electricity are break even when say oil rises to 50-60p/liter WITHOUT a heat pump. That because coal and nuclear are cheaper, and there is less tax applied to electricity generation.
WITH a heat pump, its already cheaper than using oil or gas.
figures suggest a +50% uplift in grid and generating capacity would be needed to go 'all electric' on domestic and office heating.,