This impressive Victorian monument is fairly easy to find, at the end of St Giles where it meets Beaumont Street. It is opposite that other great Victorian construction, the Randolph Hotel. The steps at the base are a good place to sit if it is dry.
The monument commemorates the battles between Catholicism and Protestantism over the centuries. Specifically, it is dedicated to the deaths by burning of the Oxford Martyrs, the clerics Cranmer, Latimer and Ridley, for their refusal to renounce the Protestant faith. They died on Broad Street, where an X marks the spot, so you should combine a visit to both if you are interested in the history. The other interesting fact is that the monument was erected at a time when Anglo-Catholicism was becoming popular, to reassert Protestantism in Oxford.
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