Should the British celebrate 4th July?

My church were holding a 4th July party tonight, it struck me as odd. I live in Cheltenham, which is where GCHQ is based. GCHQ has strong links with NSA which means that there is always a small expat community of Americans working and living here who, not surprisingly, celebrate Independence Day. But is it something that the British community should celebrate (or commiserate?).

I'd be interested to hear peoples views on this. I know that some people here think I'm anti-American, please don't prejudge my own take or opinions on this, just answer the question and stay on topic!