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ITV News has obtained footage of a man with bloodied hands addressing a camera on a south London street.
He makes a series of political statements before walking towards a man, believed to be a soldier, lying prone on the street.
He then talks calmly to another man stood nearby.
Warning: Some viewers may find the graphic content in this video distressing
– Downing Street spokesman
The Prime Minister has spoken to the Home Secretary, who he asked to chair COBRA. He has been briefed on all developments of the Woolwich shooting. He will returnto London tonight and will chair COBR in the morning.
ITV News has obtained footage of a man with bloodied hands and carrying knives speaking into a camera in Woolwich.
He made a series of political statements.
"We swear by almighty Allah we will never stop fighting you," he said.
I understand the JTAC - Joint Terrorism Analysis Centre (based at Mi5) - is involved tonight and liaising with the police and the Ministry of Defence following the incident in Woolwich.
Prime Minister David Cameron said an EU deal to move towards full cross-border disclosure of tax information will give momentum to a G8 summit he will host next month in Northern Ireland on the same subject.
Talks in Brussels today claim to have removed obstruction by Luxembourg and Austria.
Both countries had previously prided themselves on their banking secrecy.
He said: "Tax evasion and aggressive tax avoidance are at the heart of the G8 summit, and there is real momentum behind this issue."
"We have a real opportunity to make this summer a turning point in breaking down the walls of corporate secrecy and get information on who really owns and controls companies."
Home Secretary Theresa May tonight confirmed she has been briefed by the Director General of the Security Service MI5 on the "sickening and barbaric" incident in Woolwich.
Metropolitan Police commander Simon Letchford, speaking in Woolwich tonight, said:
At approx 1420 we were called to reports of an assault in John Wilson Street, Woolwich where one man was being assaulted by two other men.
A number of weapons were reportedly being used in the attack, and this included reports of a firearm.
Officers including local Greenwich officers arrived at the scene and shortly after firearms officers arrived on the scene.
On their arrival at the scene they found a man, who was later pronounced dead. At this early stage I am unable to provide any further information about the man who has died.
– Metropolitan Police
Two men, who we believe from early reports to have been carrying weapons, were shot by police. They were taken to separate London hospitals, they are receiving treatment for their injuries.
I can understand that this incident will cause community concerns, and I would like to reiterate that we are investigating what has taken place today.
The MPS will investigate the circumstances that led to a man to lose his life and the IPCC, as is routine, will investigate the circumstances in which police discharged their weapons.
The incident in Woolwich, which left one person dead and two injured, took place some 200 yards from the Royal Artillery Barracks, adjacent to Woolwich Common, the historical home of the Royal Artillery.
Boris Johnson, the mayor of London, said the attack in Woolwich was "sickening" and "deluded".
This afternoon's attack in Woolwich is a sickening deluded and unforgivable act of violence. My thoughts are with the victim and his familyFrom @MayorofLondon on Twitter: