Yes the trade balance at the moment is negative, which is why we need the £ to fall in value, so we can export more and reduce the trade deficit.
Germany loves the Euro for the same reason, it artificially lowers its exchange rate helping it's exports. With the Deutschmark they would be at a significant disadvantage. Remember they were the "sick man of Europe" prior to joining the Euro.
This is at the expense of countries on the periphery of the EU, Greece, Italy etc. They cannot devalue and complete with Germany. Despite this look how Germany treated Greece when it needed help.
Germany loves the Euro for the same reason, it artificially lowers its exchange rate helping it's exports. With the Deutschmark they would be at a significant disadvantage. Remember they were the "sick man of Europe" prior to joining the Euro.
This is at the expense of countries on the periphery of the EU, Greece, Italy etc. They cannot devalue and complete with Germany. Despite this look how Germany treated Greece when it needed help.