In October 2004 he was promoted to Minister for Finance and Public Service Reform in place of Andy Kerr.

[1] In March 2005 he set up the AEWG (Adult Entertainment Working Group), the Scottish advisory body set up within the Scottish Executive to investigate the legislative issues involved in the current proposed lapdancing ban in Scotland.

McCabe was one of several Labour casualties following the elections on 5 May 2011, losing his seat to Christina McKelvie of the SNP in the newly formed Hamilton, Larkhall and Stonehouse constituency.

[1] McCabe previously had a relationship with former Labour spin-doctor and journalist Lorraine Davidson.

[1][4] A new residential street in Hamilton was named in his honour two years after his death.