And this is a light which needs an earth but doesn't have one because the lethally dangerous moron who installed it decided to cut it back instead of connect it.
You ought to be concerned about the sort of legacy you've inherited from the sort of person who would do what he did. If the earth is cut back there, where else has he done likewise? Even if you connect it at the light what guarantee do you have that it's continuous back to the earth in the CU?
Maybe the person who installed it was faced with those wires where someone before him had cut it back, but it says volumes about his basic electrical competence, or lack of it, that he went ahead and did nothing about it.
So yes - it would be wise to get your installation checked over.
If there are a number of lights, my guess is they will all be wired the same.
Surely you can have a look in the back of one of the others and see how it is wired?
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