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When the Tories lose their majority in Parliament, Winston loses his spot in the cabinet. Deciding to take the opportunity to feather his nest he goes to America on a speaking tour and invests the proceeds in a a pre-crash stock market.

Churchill's views on the Indian question bring him into conflict with his own party.

Churchill takes a European trip to visit famous battlefields and hopes to meet with Hitler but the meeting fails to materialize. The India question still rages in the U.K. Eager to win a victory on the India question Sir Samuel Hoare enlists the aid of Lord Derby to suppress certain unfavorable testimony, but one of the witnesses comes forth to Churchill.

Churchill asks the House to institute a committee to investigate the interference with evidence on the India question. But committee members Ramsay McDonald, Sir Louis Kershaw and Clement Attlee are unable to conclude that there's been any wrongdoing. The findings of the committee further damage Churchill's standing in the house.

Churchill sounds the alarm in the House of Commons that Germany is re-arming and that Britain is falling behind in the race for air superiority. Meanhwile Randolph Churchill backs several ill-advised candidates and Clementine goes traveling and meets another man. When Germany's air superiority becomes public the MacDonald government falls and Churchill works in the general election to return the conservatives to power. Although they are successful, Churchill is once again passed over for a cabinet position.

George V dies. Churchill continues to rail against the government's failure to adequately prepare for war. Wigram grows increasingly despondent at the prospect of war when Hitler occupies the Rhineland. Sarah elopes to America with a Jewish musical hall comedian. When the new king gets embroiled in a dispute over his relationship with an American divorcée, Churchill champions his cause losing yet more popularity with house members.

Churchill is completely marginalized following the election of Nevill Chamberlain as P.M. Chamberlain pursues a policy of appeasement and orders ministers to cut defense spending. He also brings a civil servant, Sir Horace Wilson on as an aide. Lord Halifax broaches the subject of disarmament with Goehrin which causes Anthony Eden to resign as foreign minister. After promising Churchill that there will be no more accommodations, Chamberlain flies to Munich to meet with Hitler on Czechoslovakia.

Churchill's warnings come true as Hitler seizes Czechoslovakia and attacks Poland. Still Chamberlain resists admitting that it's to be war and that he must offer Churchill a position in the government.