The Peaky Blinders are lured by the Italians into a cat-and-mouse chase on the streets of Birmingham, where it becomes clear that Tommy has met his match. Trapped in Small Heath, Tommy tries to console himself with a visit from an old flame but it soon becomes clear that he can't always get what he wants.

As his factory lies idle, Tommy confronts the possibility that the Communists might win and he will be deemed a traitor to his class. Meanwhile, Changretta prepares to spring another trap.

It is the night of the big fight - Bonnie Gold versus Goliath. But as the bell rings and the crowd goes wild, dangers lurk in the shadows for Tommy Shelby and his family. When Changretta plays his final ace, he sets in motion a series of events that will change the Peaky Blinders forever.