Is it the soft cuddly toy type squeaky or the plastic ones? My JR sheards the plactic ones, but just plays with the soft fluffy ones - Can't you just tell he has only caught one rat in his life and let that go unharmed!!!!
Take the squeaks out, that usually slows things down a bit!
Also, a word of warning although not so applicable to a Labrador as some other breeds - they get very excited when the thing squeaks and rag it even more. This has been known to work againgst them if by any chance they nip someone, even in play, they squeak and try to move away and the dog thinks it's a game so rags even more. It's not rocket science or unknown either, to imagine the outcome which doesn't bear thinking about especially if it is a child with a high pitched voice. It's been known to happen, it isn't a tale so please be careful when giving squeaky toys to dogs, any breed but particularly the 'bull' breeds. There are plenty of other types of toys to give them that don't squeak to be on the safe side; TBH, I'm surprised they are still allowed to make them knowing this nanny state of ours!