England have been fined 40 percent of their match fees for a slow over-rate during the drawn first Test against New Zealand, the International Cricket Council announced on Monday.

Joe Root's side were ruled to be two overs short of the target at Lord's after time allowances were taken into consideration

England captain Root pleaded guilty to the offence and accepted the sanction from match referee Chris Broad.

"England have been fined 40 per cent of their match fees for maintaining a slow over-rate against New Zealand in the first Test at Lord's," an ICC statement said.

"In accordance with Article 2.22 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to minimum over-rate offences, players are fined 20 percent of their match fees for every over their side fails to bowl in the allotted time."

The second and final Test starts in Birmingham on Thursday.