The social and class divisions in early 20th century England through the intersection of three families - the wealthy Wilcoxes, the gentle and idealistic Schlegels and the lower-middle class Basts.

A saga of class relations and changing times in an Edwardian England on the brink of modernity, the film centers on liberal Margaret Schlegel, who, along with her sister Helen, becomes involved with two couples: wealthy, conservative industrialist Henry Wilcox and his wife Ruth, and the downwardly mobile working-class Leonard Bast and his mistress Jackie.