Ahead of the fight, Alfie meets with Thomas, revealing that he has decided to leave Birmingham behind, without watching the fight. Thomas tries to convince him to stay, however he declines, admitting that he has decided to get away. Thomas joins to watch the fight, revealing to Arthur about Alfie’s choice, but admitting that his men were searched before entering and are cleaned. Bonnie looks as if he is losing the fight, but admits to Aberama that he is in control and will win the fight in the fourth round.
In the bathroom, Polly announces to Linda and Ada that Lizzie has something to tell them, and Lizzie admits that she is pregnant and the child is Thomas’. She reveals that Tommy has promised her a weekly allowance, however Polly admits that she will be challenging this as company treasurer. Lizzie questions if the fight is fixed as it looks as though Bonnie is currently losing, Polly admits that it is, and the girls return to watch the fight.
During the fight, Arthur begins acting strange as he watches an onlooker at the opposite end of the boxing ring, however Tommy insists that it is the drugs making him nervous and he should leave the men alone. Arthur insists on following the man, however, leaving the boxing ring to follow. Not long after, Tommy notices another man leave the ring and follows him. Polly asks where Tommy and Arthur is, but when Lizzie and Linda reveal they do not know, she leaves to find the boys. Meanwhile, Arthur is strangled with a wire rope by the man he was following and passes out, but the man is shot by Tommy before he has the chance to finish him off. While Tommy attempts to wake an unresponsive Arthur, we see Bonnie win the fight against Goliath by knocking him out. Tommy returns to the boxing match, revealing to the rest of the Shelby family — and the arena — the news of Arthur’s death.
Saddened by the news of Arthur’s death, the Shelby family return to Small Heath to pay their condolences. Polly contacts Michael, revealing that their plans have changed and Aberama will return him to Small Heath shortly following Arthur’s death. When he returns, Polly reveals that there is a plan: to send Michael to America on company business. Michael is angry at the decision, however, Tommy shows no care for his situation, but hands him his train tickets.
At Arthur’s funeral, Luca Changretta’s mother arrives holding a white flag, signalising surrender. Audrey reveals that the Changretta’s consider the Vendetta won and the Shelby’s will sign all businesses over to them; they promise to take everything the Shelby’s have, questioning who Tommy thought he was challenging them.
Luca visits Alfie’s factory, announcing that they are there to take his business. However, they are surprised to find that Alfie has already left town, with Changretta proclaiming that the business is defaulty his on that remark.
Lizzie interrupts a meeting between Polly and Tommy, angry that Tommy has not visited her at her new address. However, Tommy admits that they have been preparing for the following day in which Changretta comes to take over their business. Lizzie questions what they plan to do about it, with Tommy admitting that they are to let them have it.
The following day, Changretta visits Tommy, handing him papers covering all of Shelby and Peaky businesses, insisting that he sign them all over to the Changretta Family, or face sudden death. Changretta reveals that he wanted to kill them, but his mother insisted that it would be worse for them if they lived, to which he agrees. Changretta mocks Tommy, throwing the papers on the floor insisting that Tommy sign the papers on his knees. Tommy reveals that they have heard the word of two families in New York who wish to take over Changretta’s business, while one in Chicago — who goes by the name Alphonse Capone — who is also interested in taking over Changretta’s businesses. He further reveals that all of Changretta’s family are dead and the men he has with him work for the highest bidder and now have new orders. With this, Changaretta pulls out a pistol at Thomas which he deflects and the two start fighting when Arthur enters, alive and well, through the door. We see a flashback from the previous night in which Tommy reveals to everyone that Arthur is not dead, but it needs to look like it to win the war. Luca looks at Arthur in disbelief as Arthur shoots him in the head.
Celebrating with the rest of the family, Arthur reveals that, due to the rest of the world thinking he is dead, Tommy has offered him a way out and a new identity, however he wishes to stay with the rest of his family. Arthur insists that Tommy take some time off in the form of a holiday from Shelby Company and the Peaky Blinders.
On the beach, Tommy tracks down Alfie, admitting that he once told him he would kill him one day because Alfie betrayed him twice though being good friends and cannot be trusted anymore. Alfie admits that he is not armed, but is riddled with cancer which he more than likely caught in France. Despite denying being armed, Alfie turns and shoots Tommy, with Tommy returning the same fire, hitting Alfie and seemingly killing him while leaving him on the beach alone with the dog grieving on his death.
Three months later, Tommy begins experiencing PTSD from his time in the war, and his housekeeper insists that he see a doctor. However, he declines, trying to convince her that it is just his mind talking to itself. He begins to drink heavily, however, which makes the situation worse when he falls drunk, cutting his hand. During this, Charlie walks in and is privy to the situation unfolding before him before the housekeeper collects him to return to bed.
Polly admits that she has been to the doctor on Tommy’s behalf, however Tommy declines that he is sick, admitting that it is the drinking, not sickness. Polly admits that Lizzie wishes to see him, however he declines, and this worries that the Shelby’s are cursed to live somewhere between life and death, waiting to move on.
Tommy returns to Shelby Company Limited, ordering that Niall Devlin hand Jessie Eden a letter and then he is free to leave Birmingham and be with his family in Glasgow — essentially freeing him from control of the Peaky Blinders. Tommy admits to Polly that he has had an idea, which scares Polly.
Jessie reads the letter, which asks for a meeting between the two. Tommy admits that the Communist cause is now his cause and he wishes to help Jessie. Jessie arranges a meeting between Tommy and a close member of the cause, and the two have sex.
Seemingly a ploy with Jessie, Tommy reveals what he has learned to Arthur Bigge, admitting that he can be useful to the government as an inside agent, rising through the ranks undetected. Arthur realises that Tommy must want something in return, and Tommy hands him a paper outlining his conditions, which shock Arthur.
It is revealed that the conditions of the offer is that Tommy be put forth in the election as a candidate, in which he wins and is elected as the Labour MP for Birmingham South Constituency. It can be also seen that he walks with lizzie and his little daughter Ruby. Jessie realizes that Tommy cheated on her
- Thomas becomes the Labour MP for Birmingham South.
- Alfie Solomons: "Big fucks small always, actually."
- Thomas Shelby : "Stay and watch the fight, Alfie."
- Alfie Solomons : "No, you're all right. I already know who wins, don't I?
- Polly Gray: "And just remember, Linda, if they spit, just spit back."
- Thomas Shelby : "You made a choice. You knew I was going to be shot and you chose not to tell me."
- Michael Gray: "I chose my mum."
- Polly Gray: "When all this business is over we'll all be free to make our own choices."
- Luca Changretta: "All that is left of the Peaky fucking Blinders."
- Luca Changretta: "I would have buried you all. But my mother, she knows you. She said it'll be worse for you and take away everything that you have."
- Luca Changretta: "Especially don't trust this bitch."
- Polly Shelby: "We also contacted a businessman in Chicago. He's also interested in moving into the liquor business in New York."
- Arthur Shelby: "Tell your boss what you saw here today. Tell him you don't fuck with the Peaky Blinders."
- Thomas Shelby: "I once told you, Alfie, that for business reasons, or in bad blood, I would kill you. I have no business reasons. It seems you have retired."
- Alfie Solomons: "So is it all purely for bad blood, is it, Tommy?"
- Polly Shelby:"We live somewhere between life and death. Waiting to move on. And in the end we accept it. We shake hands with the devils and we walk past them."
- Thomas Shelby: "There is no rest for me in this world. Perhaps, in the next."
- Polly Shelby: "So you shook hands with the devil?"
- Thomas Shelby: "Yeah. And I walked past him... Pol, I've had an idea."
- Polly Shelby: "Oh, fuck."