London 1948: The Austerity Olympics: How the 1948 Olympic Games came into being, as the world struggled to cope in the aftermath of the Second World War, and the Games were held for the first time in 12 years. With Britain in the midst of widespread poverty and rationing, hosting the event seemed unlikely, but existing venues were renovated despite a low budget and little time to play with, and the British people pulled together to make the Games a success.