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Speaking in English with a northern English accent, a man said by the channel to be Mohammad Sidique Khan outlined his motivations for taking part in the attack, which was accompanied by a separate message by al-Qaeda's number two Ayman al-Zawahri.
"I and thousands like me have forsaken everything for what we believe in. Our driving motivation does not come from tangible commodities that this world has to offer. Our religion is Islam," he said.
Looking relaxed but gesticulating with a pen as he spoke, Sidique was filmed wearing a turban and a waterproof jacket and against the background of a coloured tapestry.
"Your democratically elected governments continue to commit atrocities against my people over the world.
"Their support makes you directly responsible just as I am directly responsible for protecting and avenging my Muslim bothers and sisters," he said, in an apparent message to Western countries "Until we feel security you will be our targets. Until you stop the bombing the gassing, the imprisonment and torture of my people we will not stop this fight.
"We are at war and I am a soldier, now you too will face the reality of this situation," he said.
The suicide bombings on London's transportation network on July 7 killed 56 people and injured hundreds.
In his message, Zawahri warned there would be more attacks like the London suicide bombings on Western countries that took part in the US-led wars on Iraq and Afghanistan.
Zawahri said the July 7 attacks on London's transport system were a "slap in the face" for British Prime Minister Tony Blair, adding that they had "moved our battle right to the enemy's doorstep".
The tape appeared to be an extract from a videotape already partly aired by al-Jazeera on August 4, in which Zawahri warned Britain and the United States of more attacks.
"We have repeated again and again, and here we are warning one more time - all those who took part in the aggression on Iraq, Afghanistan and Palestine, we will respond in kind," Zawahri said in the tape, which bore English subtitles.
"And as they have let rivers of blood run in our countries, we will, God willing, erupt volcanoes of anger in their countries," he said in the tape, which showed him wearing a turban with an automatic rifle propped behind him.
"The blessed London raid was a slap in the face of the arrogant, crusader British rulers," Zawahri said.
"This glorious raid, like the others before it in New York, Washington and Madrid, has moved our battle right to the enemy's doorstep," he said, referring to the September 11, 2001 attacks in the United States and last year's bombing on Madrid trains which were blamed on al Qaeda.
"People of the crusader alliance, behold the disasters the policies of (US President George W) Bush and Blair will bring upon you," he said.
British police said they would look into the videotape.
A spokeswoman for London's Metropolitan Police said: "We are aware of the tape, we will consider it as part of our ongoing investigation." British Prime Minister Tony Blair's office refused to comment on the video.
- AFP/Reuters/Kyodo/AP