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It is 12 November 1990. Margaret Thatcher has been in power for 11 years and is preparing for her speech at the Lord Mayor's banquet at the Guildhall. Meanwhile, Deputy Prime Minister Geoffrey Howe is penning the resignation speech that will stun the country and seal her fate. Howe delivers his stinging speech in the Houses of Parliament the next day, and the final ten days of Margaret Thatcher's reign begins.

Michael Heseltine, Margaret's long-standing political enemy within the Tory party, quickly realises the impact of Howe's resignation and seizes the opportunity to challenge for leadership. Margaret refuses to take the challenge seriously and attends a summit in Paris when the ballot takes place, leaving matters in the hands of her loyal, but complacent, advisers.

The film flashes back 15 years to show Margaret herself challenging the then leader of the Tory party, Ted Heath. It reveals her dynamic ability to fill those around her with faith and she is clearly fighting to change the very soul of the Tory party and the country.

In stark contrast, back in 1990 the result of the ballot signals the end of Margaret's political career, but only Denis can bring himself to tell her. However, Margaret refuses to admit defeat and, despite being forced to a second ballot, she decides to fight on, unaware that many Cabinet ministers are plotting her downfall.

Margaret's inner circle, including Charles Powell, Peter Morrison and Bernard Ingham, try to shield her from the true extent of the political assassination taking place. She continues to fight on, but when she visits Buckingham Palace the Queen offers her counsel and provides Margaret with some insightful advice.

Back at Westminster, Margaret has one last attempt to rally support. The film flashes back to a year earlier as she celebrates 10 years in power and her contempt for her Cabinet colleagues is clear. Now, a year later when she needs their support, the pack has turned on her. They file in one by one and tell her that she must go before she is "humiliated".

The following morning Margaret breaks down in Denis's arms and faces her inevitable political demise.