What Jack Sprat wouldn't do to have a natter! (4,3,3)

I believe the answer is:

chew the fat

'to have a natter' is the definition.

I don't understand the rest of the clue.

(Other definitions for chew the fat that I've seen before include "Mistress Sprat liked to?" , "Jack Sprat wouldn't" , "Indulge in idle conversation" , "Talk socially" , "Chat casually" .)

I've seen this clue in The Independent.

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