Cheap and Cheerful Chatter: Why the name?

cheap and cheerful (British informal)
costing little money but attractive, pleasant, or enjoyable

Long story short: I visited my dear friend Angela in London in the summer of 1998. She used the phrase and I loved it. For nine years now, I still use the phrase when someone asks something like, "Where do you want to eat lunch?" ... "Oh, I don't care as long as it's cheap and cheerful."