Thanks to user nir0bateman for the original upload, which is split into four segments. I stitched them together for people's convenience.
The full debate from "Friday Night, Saturday Morning", 9th November 1979.
On the edition of 9 November 1979, hosted by Tim Rice, a discussion was held about the then-new film Monty Python's Life of Brian, which been banned by many local councils and caused protests throughout the world with accusations that it was blasphemous. To argue in favour of this accusation were broadcaster and noted Christian Malcolm Muggeridge and Mervyn Stockwood (the then Bishop of Southwark). In its defence were two members of the Monty Python team, John Cleese and Michael Palin.
The first part is an interview with Cleese and Palin; the actual debate starts at 18:00.
The video concludes with a hilariously incongruous live music performance by Paul Jones and the Blues Band-"Boom Boom, Out Go the lights."