By City AM reporter Rishi Sunak is braced for the result of key mayoral elections in London and the West Midlands, after the Conservatives were trounced in the first day of local election results. As Friday’s result declarations closed, the Conservatives had suffered a net loss of 371 seats, and lost control of 10 councils. Despite widespread losses, the Prime Minister appeared to take solace from the Tories’ win in the Tees Valley mayoral election. Lord Ben Houchen retained the mayoralty, amid denials he had sought to distance himself from the Conservative party during his campaign. All eyes …