News of Tommy’s activities have reached Winston Churchill. At a family meeting, Tommy lays out his plans for Mosley, which will take place at a rally Sir Oswald is leading. Tommy is surprised by another strategy, coming from an unexpected corner. Meanwhile, Tommy has his own secrets to reveal.
Thomas meets with Winston Churchill, who has heard news of his recent activities with Oswald Mosley. Churchill admits that he heard Tommy is spying on Mosley, questioning why, however Tommy replies that he is no longer sure. Churchill admits that he believes there to be another war in the making due to Mosley's actions and to do whatever he need to stop it, citing times in the past where Tommy and Churchill were both working to the same goal in the war, despite being on different paths.
Meanwhile, Arthur visits Finn and Billy, revealing that someone is spreading information to their enemies, however Finn denies Billy is revealing any information about Shelby and/or Peaky business to anyone, as they only talk about football and women. Nevertheless, Arthur warns Finn that revealing any information about their business would put all of Billy's family at risk, before leaving the boys to attend the family meeting.
At the family meeting, Tommy announces the engagement between Aberama Gold and Polly Gray, welcoming Aberama to any future family meetings. Tommy then addresses the death of Ben Younger, citing that he was perhaps a member of the family but has been taken from them — Tommy wishes Ada and the unborn baby well, citing that the child may well be privy to the meetings. Diverging from the agenda, Michael proposes a company restructure, wherein he and Gina will expand the company into America, with him as the managing director and Tommy taking a back-seat role. He also reveals that this would free up extra capital which could be paid into the pockets of the Shelby family. Michael admits that the Americans want to deal with him as he is known, however after Tommy rejects his proposal, he is forced to reveal that the Americans no longer wish to deal with the Peaky Blinders, but the newer generation, which angers Arthur and Tommy, who leave to deal with Barney, insisting that Michael not be present when they return.
- "The Americans don't want to deal with an old-fashioned, backstreet razor gang. Those days are done."
- —Michael to Tommy
After dealing with Barney, the meeting continues, wherein Tommy reveals the plans to assassinate Oswald Mosley that night. He reveals that he will have nothing to do with the shooting, to protect his reputation and ascend legally to leadership of Mosley's new political party. Aberama expresses concern about the plan and Barney's ability to hit Mosley accurately, however is silenced by Tommy who reveals that Jimmy McCavern will be there and he is free to kill him.
Following this, Arthur and Tommy meet with Micky, a bartender at the Garrison over the death of Ben Younger and the surprise attack by the Titanic boys. Tommy admits that he called the exchange and found that a call was made from Sparkhill to the Ulster Volunteer Force. Tommy also reveals that the one who planted the bomb on Ben's car, Paddy Rose, called Micky not long before the explosion. Tommy gets angry when he realises that Micky has been feeding the Titanics information about the Peaky Blinders and shoots him in the head, killing him instantly.
Surprisingly, Tommy visits Alfie Solomons in Margate, who is revealed not to be dead, but heavily scarred by Tommy's bullet. Alfie criticises Tommy for not finishing the job, but admits that he is happy in Margate, where life is easier as everyone believes him to be dead. Alfie is confused as to how Tommy knows he is not dead, with Tommy revealing that Alfie wrote him a letter while high on medication asking about his dog. Getting to the business, Alfie questions why Tommy is visiting him, and Tommy reveals that he needs to organise a riot to cover up Mosley's assassination. Alfie initially scoffs at the idea of assassinating Mosley, but offers up some of his Jewish men at a price of £25 for each man and £10,000 for himself. Alfie admits that he will not be involved personally as it is better for the world to think he is dead.
Returning home, Polly questions the situation unfolding regarding Michael. Tommy admits that if Aberama is to side with Michael, he will be killed with the same sentiment applying to Polly, who will also be killed. This visually annoys Polly, who hands Tommy her resignation from Shelby Company Limited, leaving Tommy alone in his office.
At Charlie's Yard, Tommy asks Charlie how his mother died, with Charlie revealing that it was not accidental, but in fact suicide. Charlie admits that he had feelings for Tommy's mother, admitting that she believed that the family was cursed and needed to keep moving to escape the guilt. This concerns Tommy, who Charlie believes to be suffering from the same illness as his mother and grandfather.
Leaving to attend Peaky Business, Finn leaves the office, revealing to Billy that tonight is the night that Oswald Mosley is to be assassinated. Finn hands Billy a roll of money, telling him to go to the city and stay out of the business. However once Finn leaves, Billy picks up the phone, presumably reporting the information back to somebody — this somewhat confirms the suspicions that Billy is revealing information to someone about Peaky business.
At the speech, Barney is put into position with a clear line of sight at Mosley. He is aware that he must wait until Tommy checks his watch and then count to ten before shooting Mosley. With the plan in place, Tommy gets on the stage while Mosley starts his speech, and the riot begins in the seating area. Tommy checks his watch and Barney begins counting, while we see Aberama sneaking up on Jimmy McCavern. As Barney is ready to shoot, he is shot by an unknown person, and Aberama is stabbed to death before he is able to kill McCavern. This leads to Mosley and Tommy leaving the stage in fear of being targeted.
Tommy is furious regarding his foiled plans, but leaves for home with Arthur. Arthur questions Tommy's state of mind, with Tommy admitting that he thinks he has found the man he finally cannot defeat. With this, Tommy walks off into the field, hallucinating Grace who tells Tommy that the work is done and they should walk away from it all while Tommy shouts with the gun targeted in his head.
- This episode marks Aberama Gold's final on-screen appearance alive, as he is killed during this episode.
- Charlie reveals the events leading up to Tommy's mother death.
- He also reveals that Tommy's grandfather committed suicide.
- Michael Gray: "The Americans don't want to deal with an old-fashioned, backstreet razor gang. Those days are done."