They were fatally stabbed by 28-year-old convicted terrorist Usman Khan during an event created to connect graduate students with prisoners.
A minute's silence was also held in Cambridge, where the two victims were university graduates, and were working on a prisoner rehabilitation scheme that Khan had attended.
Politicians, who are campaigning ahead of Britain's December 12 election, immediately sought to deflect blame for the first fatal attack in London since 2017.
The London Mayor was joined by Prime Minister Boris Johnson and Labour leader Jeremy Corbyn at the memorial to Jack Merritt and Saskia Jones in Guildhall Yard in the City of London on Monday morning. Cambridge Vice Chancellor Stephen J. Toope said in a statement Sunday that a university staff member, who has not been publicly identified, was among the wounded.
Among those at the Cambridge vigil was Merritt's girlfriend Leanne O'Brien, who broke down in tears and clutched a cuddly toy.More news: Climate activist Greta Thunberg nears Lisbon port
Mayor of London, Sadiq Khan, praised the actions of the Londoners who stepped in to stop the attackers saying "like many, I will never forget the bravery of ordinary Londoners and the emergency services who risked their own lives to save others".
Members of the public have been hailed as heroes for preventing even greater loss of life by tackling Khan - one armed with a five-foot narwhal tusk and another with a fire extinguisher. Jack Merritt, 25, and Saskia Jones, 23, who both died in the attack, worked as coordinator and volunteer respectively.The Ministry of Justice declined to comment.
As part of that work, a 34-year-old man was arrested last Saturday in Stoke-on-Trent, central England, on suspicion of preparation of terrorist acts. He also claimed there would be a crackdown on early release for convicted terrorists, insisting that "the practice of automatic early release where you cut a sentence in half" isn't working.
Billions of pounds have been stripped from British public finances over the last 10 years, during which the ruling Conservative Party has sought to reduce public debt by shrinking state-run services.
Usman Khan was wearing an electronic tag as he went on a stabbing rampage at the conference venue. They said he "would not want this bad, isolated incident to be used as a pretext by the government for introducing even more draconian sentences on prisoners, or for detaining people in prison for longer than necessary".More news: Chandrayaan 2: NASA releases image of Vikram lander’s impact site
The family of Mr Merritt also cautioned against knee-jerk responses. He was released on licence from jail in December 2018, having been convicted of terror offences, including plotting to attack the London Stock Exchange in 2010.
It comes after Jack's father, in a tweet on Sunday night, accused the Daily Mail and Daily Express of using his son's death "to promote your vile propaganda".
"Jack stood against everything you stand for - hatred, division, ignorance", he said.
Following the attack, authorities are urgently reviewing the release of 74 other people who had been jailed for terrorism and released in similar circumstances to Khan. Police said Monday he had been returned to prison for breaching his release conditions.
It is the second time that London Bridge has been caught up in a terror attack in recent years. The group did not provide any evidence.More news: U.S. Senator Kamala Harris ending 2020 presidential bid, source says