Thanks for all the advice and after looking around, I feel that the CEC option is the best one but, unfortunately, is out of my budget. I’ve stumbled across this suggestion which looks like a neat (and cheaper way of getting the same effect.
https://forum.magicmirror.builders/topic/2077/pir-sensor-sleep-lcd-monitor
What’s everyone’s thoughts on it? If it wouldn’t work then could you instead connect to the remote control IR input and force standby that way?