Etymology

chance'd be a fine thing

Today it means: Synonym of no chance or fat chance, with a somewhat more cheerful attitude. Full definition →

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The story

An ellipsis of even having a chance [to do so / at that] would be a fine thing and similar ideas, in reference to something that is either completely impossible or currently forbidden by circumstances, higher authorities, etc., originally chiefly with regard to opportunities to have sex or get married.

Etymology from Wiktionary, CC BY-SA 4.0.