A good place to start is the classic and fairly short - though somewhat dated (1967) - The Growth of Political Stability in England, 1675-1725 by J.H. Plumb, which discusses James II, the Glorious Revolution, and the development of 18th Century factional politics. It only covers the first half-century of the period you're interested in, but it does a good job explaining the foundations of modern British politics. Despite its age it remains a classic introductory text at many schools, and is especially good for undergraduates.

I personally much prefer The Sinews of Power: War, Money and the English State, 1688-1783 but that is probably a function my focus on 18th Century British military/imperial history. Despite being less parliamentary focused it provides a good overview of British policy and statecraft at the time especially as it relates to war, empire, commerce, and taxation.

Lastly, I recently read Brendan Simms's Three Victories and a Defeat: The Rise and Fall of the First British Empire, 1714-1783. This again focuses on war and foreign policy, but it takes a very parliamentary approach to it and focuses on the key role shifts from Whig to Tory cabinets - and vice-versa - played in directing such policy. Moreover, it argues against the prevailing Atlantic/imperial focus of Britain at the time and instead focuses on stronger continental European interests - particularly relating to Hannover, German lands more broadly, and the Low Countries. I think the thesis is somewhat overwrought and unconvincing personally, but I'm a military historian of British India so I am a bit biased! Still, it is a very interesting read and focuses a good deal on figures like Walpole, Pitt, and their rivals.