1929 – The Shelby family have dispersed: Michael is living at Shelby Company headquarters in Detroit, while Aunt Polly is holed up with a pilot in Monte Carlo. But the family are quickly brought back together when news of the Wall Street Crash hits and its implications for the family business become clear. Meanwhile, Tommy’s political career is going from strength to strength; he gives a rousing speech in the House of Commons. It’s not long, however, before ghosts from Tommy’s past threaten to undermine his position.
The date is October 1929. Arthur receives a letter from the “Angels of Retribution” denying them the insurance that they have asked for on the account that they have never heard of the Peaky Blinders or the Shelby Family. In retaliation, Tommy calls Finn, instructing Aberama and Isiah to introduce themselves to the Angels. Despite Tommy warning Finn to stay out of the business, Finn accompanies Aberama and Isaiah.
Meanwhile in Detroit at the Shelby Company office, Michael receives the unsettling call that Wall St has crashed, sending him into a craze. He calls Arthur, asking for Tommy, warning him to tell the news that they have lost everything due to the crash of the stock exchange. Arthur reveals the news to Polly, who is shocked and confused. Polly orders that the pilot she is sleeping with takes her straight to Birmingham, not London, while Michael instructs his new spouse, Gina, that they must leave immediately for England. While he warns her off, she insists that she returns home with him to meet his family.
At the Angels of Retribution headquarters, Finn struggles with the idea of killing, while Aberama kills many of the people in the building, reciting that “Now you’ve heard of us”. Aberama brings Finn to Ada’s house, revealing a bullet wound in Finn’s arm, which Aberama removes with the blade from Isiah’s Peaky cap. Ada enters the room when the bullet is being removed, warning Finn that they are to stay out of Peaky Business from now on as Tommy has power and the Shelby’s have money — they do not need to be the people they were in the past.
In the country, Tommy struggles with Charles, who has heard that he shot a horse but does not understand that the horse was in pain and could not be treated by the vet. Tommy attempts to explain this to Charles, but Charles admits that he has heard it is what Tommy does, not just to horses but to people too. Arthur arrives just at the moment when the horse is being buried, showing Tommy the newspaper that reads of the Wall Street Crash. Tommy is angry as he warned Michael that it would happen, but Michael was advised to hold on as the prices would rebound.
Tommy sends Lizzie back to Birmingham and advises Arthur to call a full meeting with the board of directors for the following day at noon as he needs to think. Down by the river, Tommy drinks from a small vial and begins to hallucinate visions of his former wife, Grace.
At the board meeting, Arthur explains the situation unfolding before them. However Polly suggests that they should perhaps wait for Tommy, with Linda stating that Arthur is now Chairman of the Board and therefore does not need to wait for Tommy. When Tommy arrives, he reveals that while a large portion of Shelby Company funds have been invested in America, there is hope. Tommy asks for permission to present his idea to the board, which is approved by Arthur much to his wife’s dismay, who leaves the meeting at this point.
Tommy and his family make their way to the Garrison and are noticed by a small boy, who warns the pub that the Peaky Blinders are on their way. When they arrive, many of the customers thank the Peaky Blinders for what they have done for them, and Tommy offers all of the customers a free drink, inviting them to ignore what they have heard in the papers. Ada begins the family meeting by presenting the bullet dug out of Finn’s arm, questioning what happened. However, Tommy shuts Ada down, admitting that he told Finn to stay out of the business, which was sanctioned by the House of Lords and Scotland Yard. While Ada does not understand, Tommy admits that the Blinders are lucky to have a second income and are fine until the stock market recovers. Polly says that Ada is on edge as she is pregnant, but Tommy is already aware, but does not care who the father is.
At the House of Commons, Tommy gives a speech about learning to pay their own bills. Oswald Mosley (a real historical figure, a notorious Fascist) greets Tommy afterwards, stating that his constituency borders South Birmingham and the Shelby’s have come to his attention. Not long after, Tommy meets with the high ranking government official that sanctioned the killings. The man claims that he cannot pay Tommy the full £50,000 due to the stock collapse. Tommy is angered by this and demands the full payment on Monday or he will release the documents that has been taken from the Chinatown raid when Thomas men killed the pimp and took all the documents from the place. Thomas says he has seen the photographs and will release it for which that the man is trying so desperately to hide.
Tommy meets with a reporter, Mr. Levitt, from the London Times. The reporter asks if Tommy remembers him from his time in Birmingham. Tommy admits that he does not. The reporter is confused and concerned at how a man like Tommy has risen so far up the ranks from being a “bookmaker”. This offends Tommy, who reveals that he diversified into gin production, orphanages and export/import licenses. The man further questions the death of Inspector Campbell. Tommy reveals that he had some research done on Mr. Levitt and found out that he is unmarried but enjoys walking through the park with men, hinting that the man is perhaps homosexual.
Ada and Polly talk about the pregnancy, with Polly expressing concern that the father will abandon the child, but they will have family to take care of the child. Ada mentions she tried to tell the father of her unborn child, Ben Younger, about her pregnancy but she did not. Ada worries about Tommy’s opinion, but Polly reveals that Tommy already knows of her pregnancy.
At the end of the episode, Mr. Levitt is shot to death by two members of the Peaky Blinders gang while in the lift in his apartment building, presumably on orders from Tommy.
- Even though Thomas told Alfie Solomons that he wouldn't look after Alfie's dog, Cyril following the latter's death in 1927, it was revealed at the end of the episode that Thomas did in fact took the dog as his pet, thus keeping Alfie's request.
- This episode marks Grace Shelby’s first appearance since Episode 3.5, albeit in vision form.
"No, I am not God... Not yet." Tommy shelby to Charles Shelby.