I'm confused...Is it ending or not - Are you saying the contract continues until I cancel but until then, automatically renews every 30 days?
No, your contract is not ending - the contract you agreed to when you joined remains in force continuously as long as you remain a customer of VM, unless you actively cancel it (or in certain rare circumstances VM can cancel). Some contract terms can be varied if VM change their general terms and conditions, and variable prices and minimum terms are also aspects that can be varied without changing the fact that that original contract still applies. If you look up VM's T&Cs there a reasonably clear explanation under the headings "The minimum period", and under "What happens after the minimum period". To cut a long story short, when the minimum period ("fixed term") ends, the contract continues indefinitely unless you agree a new minimum term. if you don't agree a new price and new minimum term, then you can at any time issue 30 days notice of cancellation. Although common shorthand is "30 day monthly rolling contract", there's no monthly renewal here - it remains that original contract.
The email says this:
Like many of our customers, your contract with us will come to an end, and for you that will be on 23/02/2023. After that date, your price will be £123.99 a month.
Unfortunately VM themselves are using incorrect terminology. Your minimum term and your previously agreed discount are coming to an end, your contract certainly is not. That is VERY sloppy wording by the wax crayon scribblers of VM's marketing department. It is certainly common shorthand to describe a minimum term as a fixed term contract, but the reality is that as per the linked T&Cs, an 18 month minimum term is a variable one part of perpetual contract.