What is the history behind guy fawkes day?

I was wondering, I'm not American, so we don't have this holiday. Can anyone tell me why it is a public holiday and what the events were surrounding this?

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A group of Catholics wanted to assassinate the protestant King James I, so they decided to put Gunpowder under the house of lords (London- West minister) However they were caught and later arrested and put to death. That is how it basically came about.

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