British high street taylors Montague Burton, now called simply Burtons, did a range of cheaper suits, with optional waistcoat. I think this was around the 1940's. Having a Full Monty was going in and getting trousers, jacket AND waistcoat, especially if you were a soldier going back to civilian life.
12 step recovery jargon referring to someone new who talks about how great life is, now that they're sober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.