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No best answer has yet been selected by babyshambles. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I don't see why not, the plot backfired spectacularly upon England's Catholics.
An Act of Parliament (3 James I, cap 1) was passed to appoint 5th November in each year as a day of thanksgiving for 'the joyful day of deliverance'. The Act remained in force until 1859. On 5 November 1605, it is said the populace of London celebrated the defeat of the plot by fires and street festivities. Similar celebrations must have taken place on the anniversary and, over the years, became a tradition - in many places a holiday was observed. (It is not celebrated in Northern Ireland).
So the celebration is to celebrate the 'folied plot' not to celebrate Guy Fawkes.