The variant contains a number of notable mutations, including the E484K spike protein found in the Manaus variant.
Concerns have also been raised that vaccines may not be as effective against this protein.
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However, the new strain has been designated as a variant under investigation (VUI) rather than a variant of concern, such as the Manaus strain.
Public Health England said one of the cases was linked to international travel and the other is still being investigated, but did not confirm where either had been found.
It came after the Philippines reported 33 cases of a new variant on March 9.
Two new cases of the P1 variant first reported in Brazil have been found in the London area of Haringey and the West Midlands.
Some variants like the P1 appear to be more aggressive and more contagious.