The police have identified them as 22-year-old Youssef Zaghba, Pakistan-born Khuram Butt, 27, and Rachid Redouane, 30.

Zaghba hails from east London.

"He is believed to be an Italian national of Moroccan descent. He was not a police or MI5 subject of interest.

All three men involved in the attack were confronted and shot dead by armed officers within eight minutes of the first call," a Metropolitan Police statement read.

The Met’s Counter Terrorism Command have released the names and photographs of three men shot dead by police following the terrorist attack on London Bridge and Borough Market on Saturday.

"While formal identification has yet to take place, detectives believe they now know the attackers’ identities. They believe two of the men are Khuram Shazad Butt and Rachid Redouane, both from Barking, east London," the police said in a statement.

All the three men were shot dead by armed officers.

"Khuram Shazad Butt, 27, (20.4.90), was a British citizen who was born in Pakistan. Rachid Redouane, 30 (31.7.86) had claimed to be Moroccan and Libyan. He also used the name Rachid Elkhdar, with a different date of birth of 31.7.91. Inquiries are ongoing to confirm the identity of their accomplice," read the statement issued by the police.

Khuram Shazad Butt was known to the police and MI5.

However, there was no intelligence to suggest that this attack was being planned and the investigation had been prioritised accordingly.

The other named man, Rachid Redouane, was not known, the police said in the statement.

The three attackers, armed with knives, continued into the Borough Market area, stabbing numerous people.

The attackers were then confronted by the firearms officers and eight police firearms officers discharged their weapons.

Meanwhile, 12 people arrested after the incident as part of the investigation have now been released without charge.

Assistant Commissioner Mark Rowley said: "The investigation is progressing at pace, and officers from the Met’s Counter Terrorism Command, the National Counter Terrorism Policing network are working relentlessly with UK intelligence partners to piece together exactly what occurred."

"We have already made significant progress, but of course, there remains much more to do," he said.

In solidarity with the attackers, flags were also flown at half mast over New Scotland Yard since Monday, the Met Police said.

"Flags at half-mast over New Scotland Yard since yesterday in honour of those affected by the terror attacks in #LondonBridge #BoroughMarket," a tweet from the official handle of Metropolitan Police read.

"At 11am we held a one minute silence as tribute to those affected by the terrorist attack in #London #LondonBridge #BoroughMarket," another tweet read.

Image: Metropolitan Police website