The term liberal is only a magnitude, it's not a vector. In common parlance, people understand it to mean social liberalism, i.e. a proponent of personal freedoms; but in most parties, it's much more likely to refer to economic liberalism, i.e. laissez-faire market policies.

That said, I don't know enough about the UK's political parties to know along what axis the Lib Dems consider themselves to be "liberal".