Thomas then makes his way to meet Inspector Campbell, who needs him to carry out another assassination, this time of Field Marshal Henry Russell. Upon arrival, he realizes Campbell and the pro-Treaty Irish Republicans have been working together all along. Thomas informs Campbell that Donal Henry is a spy and that the only way he’ll carry out the assassination is if Henry is killed. Henry’s body is soon found in a pile of coal, and Thomas starts planning the assassination.
In London, Arthur, whose cocaine habit is scaring his younger brother, leads the Blinders in tearing up the Eden Club belonging to Italian gang lord Darby Sabini. Arthur ruins Mario's face with glass and announces that the club is under new management, by order of the Peaky Blinders.
Thomas is looking at Henry Russell's record when his fingers touch his temple and find blood. He puts the folder away and pours himself a drink. Lizzie tells him that someone's here for the accountant job. Polly’s son, Michael, wants the job. He says that he wants to help Tommy make the business mostly legal and he wants to be proud of the family. Thomas tells him to call his mother and wishes him luck.
Thomas invites May Carleton to the house to see a 'real gambling den,' because she's interested in seeing one. Thomas has hired May to train his new horse, whose name is Grace’s Secret. Her box truck isn't coming until midday, so he takes her to The Garrison.
In the Garrison, he pours her a glass of gin. She's surprised that he doesn't water it down with anything and he offers her cordial. Thomas asks May if she wants to fuck him. May says that she's purely there for the horse. May did her research on him and while he doesn't exist on a register, he did register for the war. Finn tells them that her box truck has arrived.
Thomas and Polly initially clash over whether or not Michael should be given the job, but eventually they come to an agreement. Thomas will pay Michael a higher wage than he advertised and keep him away from the old business, putting him in charge of the new one. Polly and Thomas spit into their palms and shake on it.
It's Friday, Michael's birthday. Arthur comments that they need to find him a lady of the night and Polly is offended. Thomas gifts him a gold pocket watch so that he'll never be late for work. The brothers welcome him to the business and toast to him.
Thomas is looking over the books when he notes that they've made 600 pounds on olives. Arthur tries to cover and say that that's for olives and onions for the drinks, but Thomas knows better. He reminds Arthur that they're only supposed to take a cut of the cocaine that the dealers sell, but they don't sell directly; the Home Secretary is cracking down and he doesn't want this to ruin everything else. Thomas asks him how much of that 600 was paid for by him, and Arthur pours himself another drink, saying that it's under control. Thomas tells him that he put Arthur down there because people are afraid of him, but if he doesn't straighten up, he'll give the position to John.
Thomas looks over a file in his parked car. A policeman approaches him and tells him that he can't park there and needs to move on. Thomas tells him that he's just lost, and turns the car back on. Taking out his pocket watch, he notes that it only took 23 seconds for him to be noticed by the policeman.
Thomas visits Ada's home in London, and is met by James. Thomas is initially rude to James, thinking him a new boyfriend of Ada's, but Ada tells him that he's a gay writer and he's not interested in her. After learning that James isn't after his sister, Thomas is a lot nicer and even shakes his hand. Ada tells Thomas that James doesn't know that she's a Shelby. Thomas tells her that he doesn't have any kids, so he's set up a trust fund, and the beneficiaries will be John's kids and Karl, but he needs her signature in order for Karl to benefit. Ada takes the paper and asks him if he's sick; he tells her that he's just putting his affairs in order like any other man would.
Thomas invites himself over to May Carleton's mansion to see just how the other half live and get a progress report on his horse. She reveals that she has lived alone since her husband's death, and allows herself to be seduced by Thomas.
Michael and Jeremiah Jesus’ son, Isaiah, go to grab a drink after work at The Marquis of Lorne. Isaiah and Michael get into a fight with a man named Paddy, who refuses to drink in the same pub as a black man. The fight quickly stops when everyone realizes that Michael is Polly Shelby's son. Michael discovers the family's terrifying power when Arthur and John hear about his scuffle, and the two burn the pub to the ground along with the man who instigated the fight.
On Thomas's return to Birmingham he gets the details of his assignment from Campbell. Thomas assures Campbell that if he is killed, he’ll have Campbell killed.
In Thomas’s office, he pulls out a letter, dials a number, asks to be connected to the Ritz Hotel in London, and waits. On the other end, a man with a New York accent picks up. Thomas doesn’t say anything, and disconnects from the line. Grace Shelby asks him who it was, and he says that the line disconnected.
- Field Marshal Henry Russell is probably inspired by the assassination of Sir Henry Wilson. Wilson was a British army field marshal turned MP and security advisor to the Northern Ireland government. He was assassinated in London in June 1922. Two Anti-Treaty IRA men were subsequently arrested and hanged.
- Major Campbell: "No one in this room wants to breathe the same air as anyone else."
- May Carleton (to Thomas Shelby): "When I drove into Small Heath, I thought I was going to get murdered. Then I mentioned your name. It was like being escorted to see a king."
- Thomas Shelby: "Do you want to fuck me, Mrs. Carleton? Perhaps because I... Perhaps because I represent something to you? We should have this conversation before the booze starts talking for us."
- Johnny Dogs (to Thomas Shelby): "You know I hate to see you not even married yet. I've a fine looking cousin, she'll make your life hell. You deserve her."