Directive 2011/7/EU on combating late payment in commercial transactions (the “Late Payment Directive”) will require public authorities to pay their suppliers within 30 calendar days of receipt of an undisputed invoice (this is already in line with current government policy). The period for payment of business to business debts will be no longer than 60 days.
This month BIS has issued a consultation paper (which you can find here) on the implementation of the directive into national law. The consultation closes on 19 October 2012.
The deadline for the government to implement the Late Payment Directive into national law is 16 March 2013.