Worked solution
Decide what the given amount stands for
The 20% was taken off the original, not taken off £48. So £48 is 80% of the original — this is a reverse percentage problem, and the original is the number we have to find.
Divide by the multiplier
80% as a decimal multiplier is 0.8. The original was multiplied by 0.8 to get £48, so dividing by 0.8 undoes it and gives £60.
Check by working forwards
The round-trip check: £60 with the change applied gives £48, exactly as the question says. (Doing £48 1.2 = £57.60 instead would be wrong — the 20% was a percentage of the original, not of £48.)