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You don't need an Economy 7 meter nowadays the new smart meters have a built in clock so they know when you are using the power. It might be worth investigating the Economy 7 tariffs at half the cost of on peak, it can certainly be worth while.
If it is just you try just having the top (boost) immersion on as only the top of the cylinder down to the level of that immersion will be heated. As you say it looks a bit oversized for a one bed. Add some insulation to the hot pipework to conserve the heat if not already inlace.
For the future maybe look a going for an unvented cylinder if it is possible to get the discharge away, speak to a G3 plumber for a quote.
If it is just you try just having the top (boost) immersion on as only the top of the cylinder down to the level of that immersion will be heated. As you say it looks a bit oversized for a one bed. Add some insulation to the hot pipework to conserve the heat if not already inlace.
For the future maybe look a going for an unvented cylinder if it is possible to get the discharge away, speak to a G3 plumber for a quote.