The Office of Rail Regulation (ORR) has criticised Network Rail for underperforming in some of its objectives regarding productiveness.

In its annual efficiency and finance assessment of Network Rail between 2012 and 2013, the regulator analysed the amount spent by Network Rail. The report looked at what the group offered in relation to funding from train operators and the government.

Chief executive for ORR Richard Price said: "Network Rail has been entrusted with large amounts of public and passengers' money, which, if invested well, should deliver the levels of efficiency and punctuality it promised to deliver."

Mr Price added that it is failing in this goal, stating performance was affected by delayed works and the group now has to catch up to resolve these problems.

Failed aims include punctuality in London and the south-east, which is at 91.1 per cent, but 1.9 percentage points below its target. Likewise long distance services are 4.9 percentage points short at 87.1 per cent.

ORR's assessment covers the fourth year in the five-year funding period for Network Rail - which ends March 31st 2014.