What discovery of Cabot was financially beneficto England?

John Cabot's discovery of Newfoundland in 1497 was financially beneficial to England as it opened up new opportunities for fishing and trade in the rich North Atlantic waters. His voyage marked the beginning of England's exploration and eventual colonization of North America, leading to lucrative fishing industries, particularly in cod. This discovery helped establish England's presence in the New World, paving the way for future economic expansion.