So there's a lot that goes into the answer of your question. I am a breeder of Labs myself.
1. Your dog probably was given "limited registration" when you got him. What this means is that the breeder you purchased him from did not give you breeding rights. This is pretty common and there are many reasons to do it. One of the main reasons I do it is to discourage breeding that really shouldn't take place. Others do it to protect lines. Generally you get a lower price if you have a limited registration.
2. He is still a "purebred" and an official AKC dog which means he can compete for titles to add to his name. This does not affect the quality of your dog.
3. What matters in regards to his offspring being AKC is in the beholder. I personally, would not buy a non AKC dog for many reasons. It will certainly affect the price you might command for puppies. And if you stud him out, most breeders, especially those that have an AKC with open registration bitch, will not let you breed to them.
4. I am unfamiliar with UKC but there is the CKC you could register him to. However, AKC is king, and for good reason, and the Labrador Club subscribes to AKC. I would not venture down this road as it isn't probably worth your time.
5. What matters in the longrun? Will he throw good, healthy, birdy dogs? Probably. Will they be AKC, no. The caveat to this is you can contact the breeder who may be willing to restore that right to breed. I've never gone through that process.
6. I would ask why you want to get into breeding. If done right, there is little to no money in it. It costs quite a bit to get a puppy to 8-11 weeks with vet care, food, time invested, and cost of health guarantee insurance. The cleaning up of poop alone should discourage anyone from becoming a breeder. I breed because I own my two parents (chocolate and yellow) and want to improve the breed with a Lab that looks English but will compete with any field dog and be an incredible companion. I looked long and hard (went through 8 litters with first pick before I got my chocolate male) to find what I needed. The popularity and proliferation of Labradors has made whats available diluted and dangerous. Anyone who thinks they just let two dogs do their things and then sell the puppies isn't doing the breed any favors.
If you ever decide that you do want to get into breeding labs, PM me and I'd be willing to talk with you to help you do it responsibly and what is of greatest benefit to the breed.