Still under discussion.
Last time (2004) the Liberal Party only contested the North West region. It did pretty well, however:
BBC NEWS | In Depth | Vote 2004 | North West European Election Result
The Liberals got 4.6%, not far behind the Green Party (5.6%) and the BNP (6.4%). This was despite the party's low profile outside Liverpool.
I think it is a safe bet that we'll stand again in the North West, but I've have thought that one or two of the other regions look like tempting prospects as well.
[Rep]