Contains spoilers for this episode and earlier episodes.
Arthur, John, Michael and Polly are led towards execution before a last-minute reprieve saves them. Tommy's intervention keeps them alive but does not restore their trust. By Christmas, the family is scattered across separate homes, with Polly struggling after prison and the brothers living away from Small Heath. Tommy manages the company and meets union organiser Jessie Eden, who challenges conditions for his factory workers.
The arrival of black-hand threats gives the family a shared danger. Luca Changretta has come from America to avenge Vicente, and his men intend to kill the Shelbys. Tommy discovers that an Italian working in his own household is part of the threat and kills him. The attack shows that the family's country houses offer little protection against an enemy willing to reach them through ordinary staff and visitors.
Tommy orders everyone back to Small Heath, where they can defend themselves together. He sends Michael to collect John after failing to reach him directly. John and Esme resist leaving their home on Christmas morning, recalling how Tommy was absent when the others faced the gallows. Michael argues that they are only the Peaky Blinders when they stand together. Before he can persuade them to go, gunmen arrive and open fire. John is fatally shot, and Michael is also hit.