In practical terms, being Liberal means giving people as much freedom as possible to reach their own personal potential, recognising that nobody can truly be free if they don't have the health, education or money to make the choices available to others. That's why we're so passionate about supporting the NHS and the education system, and ensuring that the economy, tax and welfare system don't trap anyone in poverty.
Being Democrats means we fight for decisions to be made as close as possible to the people they affect, because we believe local residents know their towns better than council officers in Truro or civil servants in London, and we believe front-line professionals like teachers and nurses understand the needs of the people they serve better than the politicians who sit at the top of Government. Some issues require national cooperation (it wouldn't make sense for Birmingham to have its own Navy!) and some require international cooperation (because air pollution and fish don't pay attention to lines on maps), so despite being fans of localism, we also believe it's important for the UK to be part of the EU and the UN.
The values are summarised below in the preamble to the Liberal Democrat constitution, which you can read in full on the Liberal Democrats website.
Liberal Democrats exist to build and safeguard a fair, free and open society, in which we seek to balance the fundamental values of liberty, equality and community, and in which no one shall be enslaved by poverty, ignorance or conformity. We champion the freedom, dignity and well-being of individuals, we acknowledge and respect their right to freedom of conscience and their right to develop their talents to the full. We aim to disperse power, to foster diversity and to nurture creativity. We believe that the role of the state is to enable all citizens to attain these ideals, to contribute fully to their communities and to take part in the decisions which affect their lives.