At least two people were killed and another three injured in a stabbing attack at London Bridge, police has announced.

Met Police Commissioner Cressida Dick told a press conference the stabbing attack, which has been declared a terrorist incident, began at an event at Fishmonger’s Hall.

Within five minutes of being called officers confronted the suspect – who was shot dead by police – she said.

The suspect was wearing what is thought to have been a hoax explosive device.

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Dozens of people were in attendance, including students from Cambridge University and former prisoners.

Cambridge University said it was “gravely concerned” about reports of its students and staff being caught up in the attack and was urgently seeking further information.

Cressida Dick said police were working at “full tilt” to understand what had happened and whether anyone else was involved.

Officers were still working to identify the dead, she said.

Of the injured people, one is critical but stable, a second is stable and a third has less serious injuries, the head of the NHS, Simon Stevens said.

Details of what happened are still emerging, but videos on social media appear to show passers-by holding down the suspect on London Bridge.

Another man in a suit could be seen running from him, having apparently retrieved a large knife.

Footage then shows an officer arriving, seeming to indicate to the group to move, and firing a shot.

The actions of the public have been widely praised, including by PM Boris Johnson.