Your new light fitting needs Earth & Neutral but, despite what you may think, it does not want Live else you will never be able to turn the light off.
Your new fitting should be connected to E, N and Switched Live (originally from the light switch) so it can be controlled.
Here's a drawing of a simple UK ceiling rose with the new Euro wire colours...
http://www.flameport.com/electric/lighting_circuits/ceiling_rose_end_newcolours.png
In the picture, permanent Live is described as "Loop" and the "Live" terminal you see is Switched Live - from the Switch.
Ceiling roses often have more wires than you see in the drawing - another cable usually runs off to the next rose.
Good luck... Take care...
Peccavi, July 2009