The Wetherspoons boss appeared via live video link on Good Morning Britain for a debate on the topic as Terry sat in the ITV studio with Kate and Ben Shepherd.
Terry was arguing that, if a company has to sack workers because of a weakened pound, they should lay off workers who voted for Brexit first.
It came after he posted a provocative poll on his Twitter page regarding potential job losses because of Brexit.
His post read: “If you own a business and because of brexit and the weak pound you are forced to lay workers off – is it fairer to lay off: Leave voters 1st, Remainers 1st, Choose randomly.”
But Tim alleged job losses hadn’t occurred and the UK was in a battle for “self-determination”.
“What I’m saying is they voted for this short term pain but I’m letting them have it,” Terry insisted.
However, as Tim kept trying to answer the questions, Terry was interrupting and host Kate had to call him out.
Terry said if he was the boss of Wetherspoons, he too would want a no deal Brexit.
Tim responded: “Nonsense. Terry, you’re talking absolute nonsense.”
“If I was selling a loaf and it was a bit mouldy and stale people would by it if they’re poorer,” Terry said.
But Tim hit out: “You are to economics what Tiger Woods is to monogamy, you have no understanding at all.”
“Alright Tim,” Kate interrupted before adding: “If Brexit does go plan who is going to be laid off?”
Terry interrupted: “They were warned it would cost jobs.”
Tim then complained: “I can’t speak if Terry keeps interrupting.”
Terry wasn’t about to give up anytime soon as he continued to say his piece over Tim as the businessman stated: “You’re a broadcaster, you know very well if you keep talking I can’t answer.”
“Terry, give him a chance,” Kate warned.
Given the space to speak, Tim declared: “Terry is making the assumption that we’ll be worse off which we heard before the referendum that we’d lose jobs by now, we’ve actually created half a million which is a direct contradiction of what people frightened us into to vote Remain.”
Ben then touched upon the fact Tim was after a no deal Brexit, and Terry was quick to criticise him again.
“Great for Wetherspoons, he can sell more cheap booze,” Terry said.
He continued: “My savings have already reduced by 18 per cent because of the pound. This is because all our trade is done with Europe. No deal Brexit is a car crash, it will destroy us.”
As the debate was coming to an end, Tim dryly added: “Terry for Chancellor of the Exchequer I say.”
“Cheap booze, more poverty, better for him,” Terry added once again.
The discussion then concluded, with Ben announcing: “I think we need a bit of a rest, crikey.”
Good Morning Britain airs weekdays at 6am on ITV.
