Hacker jokes that the only way for a UK politician to re-enter British politics after serving as a European Commissioner is to form his own political party. This is a reference to Roy Jenkins who helped to form the Social Democratic Party in 1981 after having served as President of the European Commission.
The reference to being "Minister of Sport with special responsibilities for floods and droughts" is a reference to the Birmingham MP Denis Howell who was the first minister for sport and had special responsibilities for drought in 1976 and snow and floods in 1978, which he dealt with very effectively.