n. Popular Brit slang for vapid, meaningless chatter or polite "warm up" conversation before you get down and do the serious shit, be it a meeting, sex etc.
"Blah blah blah blah yada yada...bl-"
"Cut the Chit Chat and get your clothes off."
"How's Maria and the girls"?
"Fine, thanks. OK, let's cut the Chit Chat. You're fired."