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.

Mosley takes advantage of shocking events to give a speech to the gathered crowd at Arrow House. Afterwards, Mosley gives Tommy his instructions. Arthur and his men arrive at Limehouse for the arranged rendezvous, but the situation has changed drastically. Meanwhile, Tommy visits an old war comrade who has a very specific skill that Tommy intends to use.

Tommy waits by the water at Charlie's Yard to meet a dangerous adversary. Despite their past grievances, the pair agree to a truce. Later, in a private room at the Garrison pub, as Tommy meets with his constituents to hear their grievances, a mysterious stranger with a message arrives. At his Westminster office, Tommy makes Aberama an offer he can't refuse before inviting Mosley to a party he is throwing for Lizzie's birthday. On the night of the party, things soon take a turn for the worse when a surprise guest arrives.

Tommy gathers everyone together to discuss recent tragic events and to give his orders, before the Shelby men travel to London to meet Mosley and it's soon revealed who has the upper hand. Linda heads to Arrow House to ask Lizzie's advice, Polly visits Aberama to pass on instructions from Tommy, who learns that one of the Peaky Blinders is in danger and sends Arthur and Johnny Dogs on an urgent mission to intervene.

Tommy is at Arrow House when he receives a call from a mysterious new ally with potentially devastating information. At Westminster, in a dimly lit bar, he, Ada and Mosley meet to discuss business.

Meanwhile, a rival gang, keen to send a message to Tommy, use brutal means to do so. At the Garrison pub, Arthur and Finn reveal their plans to expand the Peaky business empire. Later, a birthday celebration is interrupted by the unexpected arrival of someone close to Tommy with a message about a dangerous new enemy.

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.